Consequences of Delay in Filing Income Tax Return

1) Loss, other than from house property, cannot be carried forward.

2) Levy of Interest under Section 234A.

3) Penalty of Rs 5,000 under section 271F can be levied.

4) Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not availabe.

5) Belated return cannot be revised under section 139(5).