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of <h1>Consequences of Late ITR Filing: Loss Carryforward Restrictions, Deductions Denied, Interest, Penalties, and Possible Prosecution.</h1> Late filing of an Income Tax Return (ITR) incurs several consequences: specified losses cannot be carried forward, certain deductions under Chapter VI-A are disallowed, and penal interest at 1% per month is charged under Section 234A. A penalty of 5,000 may be imposed for returns filed after the assessment year, although this does not apply post-April 1, 2018. Refund interest is calculated from the filing date, not April 1 of the assessment year. A fee for late filing applies under Section 234F from April 1, 2018. Wilful failure to file may lead to prosecution under Section 276CC.
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