In case,
you have missed filing your return by 31.07.2024, then following are the
implications on your Income Tax return;
1) Penalty
of Rs. 1000/Rs.5000 shall be levied
2) Losses
like business losses, Capital losses like loss on sale of shares cannot be
carried forward to next years
3) Interest
under Section 234A,234B & 234C shall be levied.
4) Deductions/Exemptions
under Section 10A, 10B, 80-IA, 80-IC shall be disallowed.
