21 March 2015
When a return is filed after due date it is called belated return. Please refer section 139(4) of Income Tax Act 1961 for provisions related to belated Income Tax Return.
Remember there are certain disadvantages of filing belated return. Two important disadvantages are:
1) Belated return can not be revised. 2) If belated return is filed you can not carry forward losses.
21 March 2015
If the belated return is submitted on or before 31.03.2014 then no penalty. If return is submitted after 31.03.2014 then a penalty of Rs 5000/- may be imposed by AO u/s 271F after giving you an opportunity of being heard. Rs 5000/- is maximum penalty.