QUIZ: Test your gyaan on delayed TAX returns!

In an earlier article, we wrote about filing tax returns after the August 5 deadline. Today, we quiz you to see how much you know about the tax laws.

Test your knowledge about filing delayed tax returns. Take this fun quiz to improve your tax quotient and avoid tax filing mistakes.

1. What was the revised deadline for filing tax returns for the financial year 2012-13?

a. July 31, 2013
b. August 1, 2013
c. August 5, 2013

2. If you have missed the August 5 deadline too, what options do you have now?

a. Don't file tax returns at all
b. Wait for the government to further set a new deadline
c. I know, I can still file my tax returns

3. What will be the penal interest charge if you file your tax returns for the FY 2012-13 by March 31, 2014?

a. It will be 5 per cent of tax due calculated for every month of delay
b. It will be 1 per cent of tax due calculated for every month of delay
c. It will be 15 per cent of tax due calculated for every month of delay

4. What if you miss the March 31, 2014 deadline?

a. Then, you can't file the tax returns for FY 2012-13 at all
b. You can file the tax returns but there will be a huge penalty
c. The Income Tax department will label you a defaulter

5. Apart from the 1 per cent penal interest are there other costs involved if you file your returns after March 31, 2014 deadline but before March 31, 2015?