If you have missed on the last date of filing the income tax return for the financial year 2007-08, then it is time for you to rush and file a return. The last date of filing income tax return was July 31st, 2008 but you can also file return subsequently till March 31st, 2009.
Although there is no penalty for the late filing but if your tax calculation results in additional tax payment, you have to pay an additional interest of 1% per month. Similarly if your tax calculation results in refund, any interest on refund will be calculated from the date of filing return. Had you filed the return on time, the interest on refund would have been calculated from April 1st, 2008.
Anyone whose gross total income before allowing any deductions exceeds the basic exemption limit needs to file a return of his income. It is a mandatory for every individual whose income falls under the tax bracket without the exemption limit to file a return of income irrespective of the fact that he is paying the tax or not.
The exemption limit for the financial year 2007-08 (assessment year 2008-09) was Rs 145,000 for women below 65 years of age, Rs 195,000 for senior citizens (above age 65 years) and Rs 110,000 for any other individual. Therefore anybody whose income exceeded these limits had to file a tax return before July 31st, 2008.