Missed the August 5 deadline? You can still file your income tax returns

ALL PERSONS WHOSE INCOME EXCEED Rs. 2 LAKHS SHOULD FILE INCOME TAX RETURN.

Important tax return filing dates for the Assessment Year 2013-14 (Financial Year 2012-13)

• July 31: Due date for filing tax returns
• August 5: Extended due date
• March 31, 2014: Last date for filing returns without the penalty of Rs. 5000.  However penal interest of 1% per month of delay will be levied on taxes due, if any.
• March 31, 2015: Last date for filing with penalty of upto Rs.5,000

If you have missed the August 5 deadline for filing tax returns, you can still do so.  However, bear following implications in mind:

If you owe any taxes at the time of filing return, you will be charged a panel interest of 1% for every month of delay;
(a)While tax return for the financial year 2012-13 can be filed up to March 31, 2015, you will have to pay a penalty of upto Rs.5,000 if it is filed after March 31, 2014.

(b)You will not be able to file a revised return in case you have committed mistake while filing the original one.

(c)You will not be allowed to carry forward any losses incurred under the head Capital Gains and 'Business Losses' (other than depreciation loss).

(d)If you are entitled to interest on tax refund, if any, you may have to forgo the interest for the period of delay
Source:  Karnataka COC