File Tax Returns on Time

The due date for filing tax returns for the financial year 2011-12 for most individuals is July 31. As the due date comes closer, everyone will advise you to file tax returns within the due date. Though tax returns can be filed belatedly, before the end of the relevant assessment year (March 31, 2013, for the tax year 2011-12), without any penalty, it would be better to do it by the due date - July 31. "In case there are any taxes payable (after considering TDS, advance taxes and other credits available), any failure to file the returns of income within the due date would attract interest at the rate of 1% per month for the delay in filing the returns," says Amarpal Chadha, tax partner, Ernst & Young. The delay in filing the returns will also increase the interest payable for default in the payment of advance tax. Here are some reasons why you should consider filing your tax returns before the due date. Full article below Read more