Filing of return

There may be no penalty;Still Section 234A-Interest for default in late furnishing of return applies.

If the return of income is furnished after the due date,ie, July 31,  the assessee is liable to pay simple interest @ 1% per month or part of month.

Dear Ankush...

I could not understand what u r asking..... are u asking abt interest / penalty ?

Dear Ankush,

Nice & interesting question. On an overview it appears meaning less & confusing however over a period of time you will observe the advantage of filing return in time. The consequences or disadvantage of submission of return after due date are as follow:
1. The assessee will be liable for penal interest under section 234A.
2. A penalty of Rs 5,000 may be imposed under section 271 F if belated return is submitted after the end of the assessment year.
3. If the return of loss is submitted after the due date, a few losses cannot be carried forward.
4. If the return is submitted belated, deductions allowable under certain sections will not be available.

I can understand ur query is geniune and it really a nice thing to keep ur thinking cap on when ur studying.

Warm regards

Kanti Salecha

Benifit of filing of return with in time limit prescribed in section 139(1).

1. No Interest will be levied u/s 234A

2. You can revise your return if return is filed with in time limit prescribed in section 139(1).

3. Current year loss could be brought forward except in case of HP.

4. No penalty will be leveid u/s 271F