Since last few days, I saw a lot of worries and discussions regarding tax calculations among my colleagues and today was the last day of all this. The reason was simple that the last date of filing IT return was today. But if you have deposited all your tax, or your due taxes have been deducted by your employer or you are not claiming a major amount as refund, you need not rush to the income tax office. In fact, if you have no losses to be carried forward too, you need not worry about meeting the July 31 deadline. You have the option to file your returns by March 31, 2009, without any penalty. Unfortunately many aren’t aware of this.

But there is a drawback also, if the return is filed by July 31, 2008, then you can revise the return by March 31, 2010. but such revision is not possible if you file after July 31.