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Filling income tax return after a.y

This query is : Resolved 
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(Querist)
08 September 2011 I want to know the consequences of belated return filling after end of Assessment year.
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CMA Ashutosh Kumar Gupta

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CMA Ashutosh Kumar Gupta (Expert)
08 September 2011 CONSEQUENCES OF SUBMISSION OF RETURN AFTER DUE
DATE
If a return is submitted after the due date, the following
consequences will be applicable:
1. The assessee will be liable for penal interest under section 234
A.
2. A penalty of Rs 5,000 may be imposed under section 271 F if
belated return is submitted after the end of the assessment year.
3. If the return of loss is submitted after the due date, a few losses
cannot be carried forward.
4. If the return is submitted belated, deductions allowable under
certain sections will not be available.
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