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File tax returns by Aug 31 to avoid penalty

August 31 is the last date for filing your income tax returns if you had missed the earlier 31 July deadline.

August 31 is the last date for filing your income tax returns if you had missed the earlier 31 July deadline.

The Central Board of Direct Taxes (CBDT) had extended the due date of filing of returns of income for the Assessment Year 2012-13 to 31st August 2012 because of "disturbance of general life caused due to failure of power and further in consideration of the fact that the e-filing of returns for a specified category of individuals and HUF has been made mandatory".

What happens if you miss even the August 31 deadline? Technically you can file returns by March 21, 2013 without penalty. But you have to pay penalty on the advance tax shortfall at 1 per cent per cent. Besides, you cannot carry forward certain losses such as capital loss on investments to the next year.

And in case you miss the March 31, 2012, deadline you have to pay a penalty of Rs 5000.