* Due date is the date prescribed by the department as the last date of filing return. For Individuals who are not liable to be audited the due date prescribed for filing return is 31st July 2008 unless extended further by a seperate notification.
* The income tax department may any time extend the due date for filing Return of Income by issuing a public notification. In that case such an extended date shall be considered as Due date of filing income tax return.
* Even if the person can not file return of income by due date, he can still file return upto 31st March of the next financial year . In such a case no penalty will be imposed for not filing the return by due date. E.g. if a person whose due date for filing is 31st July 2008, and could not file return by the due date, then he can file the return upto 31st March 2008.
* All losses are allowed to be carried forward to next year only if the return is filed within due date, except when there is loss under the head house property