Each and every tax payer knows the last date to file taxes. It’s quite common that we postpone tax filing till the final day. Be it delay in getting Form 16 or any technical issues, some of us tend to miss this deadline too. Person earning income from following heads is covered under due date 31st July: a) Salary ,pension; b) Income from other source like interest income; c)  Income from capital gain ; d)  Income from house property and ; e)  Income from person owning small business and not liable to get their accounts audited are covered. In brief, under section 139(1), all person other than those for which accounts are required to be audited is liable to file return on or before 31st July. Can a Return be filed after the due date of filing the return? Fortunately, Income Tax Department gives us the opportunity to file a return after the due date. If a person has not furnished the return of income within the time allowed under section 139(1), then he/she may furnish the return at any time before the expiry of one year from the end of the relevant Assessment Year or before the completion of assessment, whichever is earlier. What is the impact of late filing of the Income Tax Return? Though the Income Tax Return can be filed after the due date, there are still reasons to worry about the due date. Impacts of late filing of Income Tax Return are as follows: 1. Interest u/s 234A: If there is tax due after deducting advance tax, TDS and self assessment tax then interest will be applicable @1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234B or 234C. Means this interest is applicable only if there is any tax payable in your return. But if the tax liability is nil, then return can be filed by 31st March of next financial year. However, if this deadline is also missed then there could be a penalty upto Rs 5000/-. 2.Revised return: Late/belated return cannot be revised. If you failed to file return in time then you cannot revise your income tax return. Though you may apply revision u/s154 but it has few limitation and very lengthy process. 3. Not able to carry forward the losses under various heads: You are not able to carry forward following type of losses if return filed after due date:- Speculation loss; Business loss excluding loss due to unabsorbed depreciation and capital expenditure on scientific research; Short term capital loss; Long term capital loss; Loss due to owning and maintenance of horse races. 4. Loss of Interest on refund: You may lose interest on refund u/s 244A as delay in filing is attributable to assessee for the period by which you have filed late return. Thus, it is always advisable to file the return timely, especially for those who have balance tax to be deposited or short fall of tax or huge amount of refund due or have losses to carry forward.   Filing of Return for F/Y 2013-14 has started. Please check our ITR filing page