If there are no balance taxes to be paid, no interest or penalty will be levied if you file your return before 31 March 2009. However, there is a penalty of Rs5,000 if you fail to file by that date. In case there are tax arrears, a penalty of 1% per month will be charged as interest on the taxes due.
Where do I file my return?
The filing process has been centralized, so you can file your return anywhere in the country, at I-T offices and even post offices. If a person has relocated, he just needs to intimate the change of address and file his return at the new location. Filing can also be done through the Internet. Help can be taken from authorized intermediaries, too.
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