Hi,
If I fail to file my return by 31st aug 2015, then I can file a belated return before 31st March 2016. And it seems there is no penalty for belated return either. So what is it that the assessee would lose if he files a belated return? Will the refund that is coming be canceled or anything like that?
If you do not file your IT return in time,you may face following problems --
1- You will not be able to carry forward any loss i. e. Business loss, capital loss , loss due to owning and maintaining of race horses.
2- You may loose interest on refund, if any.
3- You cannot revise your return.
4- Late filing can delay processing for tax refunds.
5- You'll have to pay interest u/s 234A, 234B and 234C if there is any unpaid tax liability.
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