If you have missed your 31st July tax deadline !!!!!
The law says you wont be able to take benefits of carry forward or set of losses against your income. You wont be able to revise your return if you missed any information which needed to be furnished. Also if there is any tax liability arised you would be charged 1% per month on the total tax liability outstanding.
So if you have a tax return with no tax liability or tax refund be Cool!!!.
You can file your tax returns till 31st March 2009. But if you miss this deadline then ITO may penalize you with Rs 5,000 as penalty for non filing of tax returns, if the reason is not met for non filing.
So what if you missed the deadline of 31st July 2008 for filing of your tax returns. You can still file it till 31st March 2009 for FY 2007-08.