‘Missed the tax filing deadline? Don’t worry; it’s not too late’

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Sameer Buchha & Sunita Seth: permitted at any time before the end of the next Assessment Year (AY). For a return pertaining to the year ended March 31, 2008 (AY 2008-09), the date limit is March 31, 2010. The need to file a revised return could arise if you happen to discover any omission or any wrong statement in the return after it is filed. But you can always apply for rectification, if there is any mistake apparent from record.

So, better late then never! You still have time to file your tax return for FY 2007-2008 upto March 31, 2009 to avoid a penalty of Rs 5000 u/s 271F. But please keep in mind that if you fail to file your return for FY 2007-2008 on or before March 31, 2010, the income tax department has the authority to assess your income on Best Judgment basis u/s 144(1). Also any return filed after March 31, 2010 will be considered as void and is as good as not filed at all.

It is said, “Time is money”. It is also said, “A stitch in time saves nine”. Hence, timely filing of return can save your money on

account of interest and penalties.