If you filed your Income Tax Return ( ITR ) after due date it’s called Belated ITR. If you file belated ITR you will loose below benefits from Income Tax Department and Interest will be applicable for late filing of return.
- You can’t revise your ITR, ( If you want to update any information in your ITR, It can’t)
- You are not eligible to get Interest on Refund amount,
- Unable to set off loss.
- Interest will applicable u/s 234A if you have not pay your tax within in due date.
and also the Income Tax Authority has rights to charge penalty Rs. 5000 to Assesses u/s 271F.
So, Plan yourself and do accordingly.