Income tax query

If return is filed after due date Interest u/s 234A will be imposed.

Penalty of Rs. 5000/- will be charged if the return is submitted after the end of assessment year.

Further if a loss return is submitted after the due date few losses cannot be carried forward

Further 

1. Belated returns can not be revised.

Please tell me an individual having Flat rent expenses of Rs. 7,00,000 can be allowed him in his personal return?

Rent expenses are allowed as deductions subject to certain conditions

Fllow this link https://gsoftnet.blogspot.in/2012/10/how-to-deduct-rent-from-salary-by.html