Individuals are required to file their income tax return for any previous year upto 31^st July of the relevant assessment year u/s 139(1) of the Income Tax Act, 1961 if the income before allowing deductions under chapter VIA and exemption u/s 10A, 10B or 10BA exceeds the basic exemption limit. The filing of income tax return on time is a legal obligation and one should file the return on time as it avoids penal interest u/s 234A and also helps to get prompt refund and carry forward the losses to next years. If the individual who is required to file income tax return as per Income Tax Act, 1961 fails to furnish return within stipulated time then interest u/s 234A is chargeable. The interest is chargeable on the amount of tax determined as reduced by the advance tax & TDS. Interest is charged @1% per month or part of the month from the due date of filing the return till the date of furnishing the return. Tax Returns for Financial Year 2010 -11 (March 2011) has started. Request you to please visit Taxmantra.com or mail us Form16/ Salary Certificate and details of other income, at info@taxmantra.com . We would take it from there to file your return of income. Taxmantra.com provides complete online taxation solutions for individuals ( Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered. Taxmantra.com- Providing Complete Online Tax Solutions for Individuals, Not Just Returns.