Today is the last date to file income tax return (ITR). If you don’t file the return today then you will have time till March 31, 2019 to file belated return but it will cost you a penalty. Also Read - Who is a Senior Citizen? What Are The Income Tax Benefits For Them? All You Need to Know

Here is what happens if you don’t file ITR today. Also Read - Deadline For Filling Income Tax Return For FY 2019 -20 Extended: Here's The New Date

Belated Return

If you don’t file ITR today then it will be treated as a belated return. According to the Income Tax Act, for returns pertaining to any financial year the last date for late return would be the end of the relevant assessment year. For example: For FY 2017-18 (AY 2018-19), the last date would be 31 March 2019. Also Read - ITR Forms Being Revised For Benefits of Timeline Extension: Finance Ministry

From this year the window to file belated return has been changed to one year. Earlier the time period was two years.

Penalty

There is a penalty of Rs 5,000 if ITR is submitted after August 31, but on or before December 31, 2018. There will be a fee of Rs 10,000 if ITR is filed after December 31, 2018. For people earning less than Rs 5 lakh the penalty amount is of Rs 1,000.

Interest Rate

In case of a refund, the income tax department has to pay an simple interest at the rate of 0.5 per month for the period of delay. The period of delay is calculated from the first day of the assessment year till the date refund is received.

In case of a belated return, the time period for interest will get reduced and will be calculated from the day of filing the return till the date the refund is received. It means one day delay could cost you interest for the period of four months from April to July.

There will be an interest of 1 per cent per month till you file the return.

Carry Forward Losses

You won’t be able to carry forward your losses and set them off against income next year. The only exception is house property.