What are the repercussions for not file IT return by the end date i.e. 31st July, 2007. I am retired.?
Answers:
Nothing to verbs for retired folks. You can record your charge return till 31 st March 2008.
Tax payers some time brand name mistakes while file return of income and afterwards they find that some mistake is occured in reporting. In such armour they want to folder revised return. Privilage of Revising of return is allowed merely if the return is file surrounded by time (31 st July 2007 within this example). Returns can be revised inside one year after date of file the ingenious return surrounded by time.
There is an extra defence where on earth some society loose much by not file the return contained by time. Some society incur loss on narrative of some kind of income. The losses are allowed to get forward contained by subsequent years and income of those subsequent years can be set past its sell-by date against the loss and tariff liability is reduced. But if return is not file within time allowed as per regulation (31st July) after the loss is prohibited to be carried forward for set rotten surrounded by subsequent years.
So I hope surrounded by your travel case nearby are no problems and hence you inevitability not verbs.