What exactly is  Income Tax return filing ?

It is nothing but a statement of your earnings from various sources of income, tax liability there on, details of tax paid and any refunds that have to be given by the government.It is the way to determine the income and other details like mode of income and taxability of income.

Major Consequences :-

1. Losse such as Business Loss or Capital Loss shall not be carry forwarded as per section 80 of IT Act.
2. Penalty of Rs 5000 may be imposed u/s 271F if the return of income is not filed within the end of the Same assessment year.
3. Filing of revised return u/s of the IT Act cannot be  possible if the original return u/s 139(1) has not been filed.
4. If return is  filed after the due date, interest u/s 234A will be payable

To avail loans at low rate of Interest Log on to                                                                                                                                                             http://www.makemymoney.com