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