In case you haven't filed your tax return...

There are lenient rules for delay up to two years, but then the bite gets deep.

Yes, today is the last day for filing income tax returns. Most take comfort from the fact that since tax has been deducted by their companies, filing returns can be delayed. But, the latter is equally important.

So, what can you do? Well, for starters, try and file today. But, if the documentation is not in place, don't be dismayed. There are enough opportunities. For one, returns can be filed till July 31 (for income year 2009-10) without penalty.

But what if you have not filed returns for 2008-09 as well? The income tax (I-T) department is lenient here and allows you to file back-dated returns for the past two years. In other words, returns of 2008-09 can be filed till March 2011.

Homi Mistry, tax partner, Deloitte, Haskins and Sells, said, "In spite of the two-year advantage, if you missed the March 31, 2009, deadline, file your belated returns in the next financial year by March 31, 2010, without any penalty."

"It (tax returns) may be furnished any time before the expiry of two years from the end of the financial year in which the income has been earned," says the department.

But, after the first-year breather come penalties. That is, if returns for 2007-08 are filed after March 31, 2009, there will be a flat penalty of Rs 5,000. Importantly, there should not be any tax liability.

However, if you give a reason for not filing on time, like accident, hospitalisation or deputation abroad, the department mat waive the fixed penalty. But, if there is any outstanding tax to be paid, you may have to pay 1 per cent per month on the amount.

Kaushik Mukherjee, executive director, PricewaterhouseCoopers, said, "There are two simultaneous interest charges being levied on you under Sections 234(A) and 234(B)." Section 234(A) deals with delay in filing returns and imposes an interest of 1 per cent a month from August of the assesment year (August 2008 in this case).

Section 234 (B) deals with delay in depositing advance tax and charges 1 per cent interest per month starting April 1, 2010, till such time the outstanding amount is paid. "Section 234(B) is applicable only to those who have an outstanding tax liability exceeding Rs 10,000," said Mukherjee.

But, if you do not file returns in time, you may lose some benefits available. "You will not be able to set off or carry forward any losses incurred on account of transfer of capital assets in financial year 2008-09," said Mistry.

For instance, if you sold a property in 2008-09 at a loss of Rs 50,000, there is a provision to set off this against gains made in the next eight years. But, if returns are not filed during the next assessment year (March 2010), you cannot take this benefit.

There are other benefits of filing returns as well. If applying for a home loan or a personal loan, income tax papers come in very handy. A good record can ensure quick processing of the loan and substantially reduce hassles. Also, if you want to travel abroad, income tax papers have to be part of the visa application.

Here's the worst part. If you do not file your returns within two years, you will not be allowed to file at all. And, one fine day, the I-T department can call you and seek documents for the past six years. That's one scary thought.

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The communiqué was released following a Cabinet meet in the evening but the delay, according to the CM's press advisor, was because of the time it took to word it.

Speaking out for the first time on the issue after becoming the CM and since the run-up to the Assembly elections in 2008, Gehlot claimed that ministers, politicians and bureaucrats had to wait outside Modi's hotel room for project clearances right through Raje's five-year term in power in Rajasthan.

"It was in Rajasthan in collusion with the then CM Vasundhara Raje, that Lalit Kumar Modi became the Lalit Modi we know today. In fact for the first time in history, a Chief Minister passed an Act in the assembly (Rajasthan Sports Act) solely to help Modi become the president of the Rajasthan Cricket Association (RCA) in 2005," Gehlot said. He added that five years of BJP rule in the state was a blot on Rajasthan as nothing was done to stop Modi from behaving in an autocratic manner with all state officials.

Shashi Tharoor continues to get support from people

Notwithstanding his inglorious exit from Prime Minister Manmohan Singh's Council of Ministers, the fan following of former Minister of State for External Affairs Shashi Tharoor is swelling by the day with more and more people world over throwing their weight behind him.

Mr Tharoor, who resigned on Sunday night following pressure from his Party, has so far got nearly 12,000 pledges from people all over the world asking him not to buckle under any pressure. The pledges, posted on www.SupportTharoor.org, urge him to continue in politics.

Former UN Secretary General Kofi Annan, who was Shashi Tharoor's Chief when he (Mr Tharoor) was an Under-Secretary General at the UN, calls upon Indian people to support good politicians including Rahul Gandhi and Tharoor. ''Hi 1.2 billion+people of India. If you think you live in a democratic country, then you are 100 per cent wrong. You vote for the election once in 5 years. And for 5 years the country belongs to your politicians. They enjoy for 5 years. So if you think india is democratic, think again. So why don't you people support good politicians like Rahul, Tharoor, Nitish, Omar. Go support them, I as a Ex-UN chief will be deeply obliged. Thanks,'' the message posted in the name of the former Secretary General said.

Archana B, Bergen from Norway said ''its tough to swim in the murky waters without getting dirty. But hopefully you will not give up on the hope you have ignited in the millions and will continue you career in politics.'' Fiza from Birmingham said,''we know you are the one difference we all wanted, please go on, now we need you more than ever!'' Zaheer Ahmed from Abu Dhabi said, ''you will bounce back and come out with flying colours. We held and still hold you in high esteem. But may be the Congress does not deserve you.'' The message also came in from all over the country, mainly Kerala.

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Sources said that Sonia took the decision after consulting her children Rahul Gandhi and Priyanka. Both of them pointed out that by making Amitabh Bachchan an untouchable, the Congress was losing a lot of support, especially from the youth. They also pointed out that Gujarat Chief Minister Narendra Modi and the BJP are trying to take advantage of the so called rift between the Congress and the Bollywood superstar. Moreover, fingers are being pointed out at Sonia Gandhi in private as the trigger point behind the rift.