The last date of filing Income Tax Return for a particular financial year is July 31st on completion of financial year. Talking about the current financial year which ended on March 31st, 2012, the last date of filing Income Tax Return is 31 July 2012. This does not imply that you cannot file Income Tax Return if you have missed the last date mentioned.
You may also file the income tax return even after the dead-line has crossed. The only thing which will change is the penal interest which will be imposed on you as late penalty. You need to pay a penal interest rate of 1% per month for being a defaulter. So, if you have not covered your Income Tax Return for the financial year which ended on 31st March 2012 extending to 31st July 2012, you may still do the same until 31st March 2013 along with the penal interest rate. In condition where you don’t file the income tax return for 31st March 2012 in the year 2013 ,you may still do the same in the year 2014, beyond which you are not allowed to file and you will be barred. Assessing officer may impose the fine of Rs 10,000 as a late filing of income tax return.
You are allowed to file late income tax return in case if you have already done the deposition of tax due to you or in case the due tax is already been slashed by the company which employs you and hence nothing is due. This is in case of a salaried person.
In case of businessman if you are claiming huge amount of money as refund, you are allowed to file income tax return late or if you have no loss remain to be continued forward.
You may also check on the income tax website for detailed information.