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<h1>Late income tax return filing triggers loss carryforward disallowance, interest and penalties under income tax law.</h1> Late filing of an income tax return disqualifies carry forward of specified losses, bars certain Chapter VI-A deductions, and attracts penal interest for the period of delay. It may also invite a statutory penalty or fee for default under revised filing provisions and causes interest on refunds to run from the date of filing; willful non-filing can lead to prosecution.