The due date for filing income tax return for individuals - July 31 - is fast approaching but several people think that if one has paid all one's taxes there is no adverse consequence even if one misses the tax return filing deadline. This is more so because the proposed penalty for delayed filing of income tax return kicks in from next year and is not applicable for returns filed for FY16-17.However, you need to know that even if all your taxes have been paid and there is no penalty for delayed filing this year, you would still lose out on certain benefits if you do not file your income tax return by the due date.In fact, filing your return by the deadline is important specially for FY16-17 in case you have made cash deposits of Rs 2 lakh or more in your bank account during the demonetisation period i.e. between Nov 9, 2016 to Dec 30, 2016.This is because reporting such deposits has been made mandatory in all the ITRs for FY16-17. Further, given the tax department's clean money drive you may well get a letter from the department asking you to file your return if not filed in time.The fact that the tax department is tracking your financial data is evidenced by the sms from the department received by many taxpayers who haven't filed their returns till date: "Your 26AS statement for FY16-17 shows income receipts & TDS. Please ascertain your tax liability & file IT Return by due date (31 July 2017, if not auditable). Please link your PAN with Aadhaar," warns the SMS.Apart from risking getting a letter from the tax department, you will also lose the following benefits if you do not file your income tax return by the due date.In case you claim a refund in your return, of any advance tax paid/TDS, you would lose some of the interest paid by the tax department on such refund. The interest on refund is normally computed from April 1 of the assessment year (the year immediately following the financial year for which the return is filed) till the date of grant of refund, according to Kuldip Kumar, Partner and Leader Personal Tax, PwC.However, in case of a belated return (i.e. return filed after due date) interest is computed from the actual date of filing the return till the date when refund is granted. This means loss of the interest that would have been paid for the period April 1 till date of filing the return. Even if you file the return one day after the due date you would be losing interest for at least four months - April, May, June and July (presuming due date is not extended beyond July 31).If you file a belated return you cannot carry forward losses (except loss from house property). "Losses under the following heads of income: Income from business and profession including speculation business, capital gains, and income from other sources cannot be carried forward in case a belated return is filed by the tax payer. The return filer will not be allowed to carry forward these losses even if all taxes have been paid in time if the return is belated," says PwC's Kumar.If you have any unpaid tax liability, filing your return after the due date would result in levy of penal interest @ 1% per month from the due date of filing the return till the actual date of filing. This would be a heavy and avoidable payout. What is more, tax authorities can initiate prosecution if the return is delayed beyond the relevant assessment year and the amount of unpaid tax exceeds Rs. 3,000, he adds.If you do not file your tax return even by 31st March of the relevant assessment year (i.e. the year immediately after the financial year for which the return is to be filed) but no taxes are due, a penalty of Rs. 5,000 can be levied by the tax authorities if you are unable to provide a reasonable cause for the delay, Kumar adds.