Did you miss filing your income tax returns by 31st July ?

Have you missed filing your returns by 31st July 2007 ?. What does one do now ?. The proverb 'Better Late than Never' kicks in at the most appropriate time. You can file the return till March 31, 2008, without attracting any penalty as long as you don’t have any outstanding tax to be paid. Therefore, salaried people (if TDS is deducted correctly) need not worry as their taxes are deducted at source. However, if one has other sources of income for which advance tax has not been paid, then one will have to pay 1% per month on the outstanding tax liability.