Filing of Income Tax return is compulsory for assessees other than company and partnership firm's having GTI more than basic exemption limit. ( Before giving effect of Sec 10(38).
If IT return not filed / Delay in filing following implications will attract.
✓ For returns of FY 2017-18 and onwards, penalty of Rs 5,000 will be charged for returns filed after due date but before 31stDecember. If returns are filed after 31stDecember, a penalty of Rs 10,000 shall apply. However, penalty will be Rs 1,000 for those with income upto Rs 5Lakhs.
✓ Losses incurred (other than house property loss) are not allowed to carried forward to subsequent years for set off against the future gains.
✓ Interest for delay in Return filing under section 234 A of the income tax act .
Sincere advice is to file with in due date, as a Healthy practice.
Thanks & Regards
Team - Standin Profesionals
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