SHORT ANSWER:
Filing Income Tax Return (ITR) after the due date may result in penalties and restrictions.
DETAILS:
- A penalty of up to ₹10,000 may be imposed under Section 234F of the Income Tax Act for late filing.
- The taxpayer may lose the opportunity to carry forward losses.
- Interest on unpaid tax may be applicable.
PUNISHMENT / IMPLICATIONS (if applicable):
- Penalty of ₹5,000 if the total income is more than ₹5 lakh; ₹1,000 if the total income is less than ₹5 lakh.
- Losses cannot be carried forward to future years.
SOURCE:
- Income Tax Act, 1961
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