Mr. Kailash, a resident and ordinarily resident in India, could not file his return of Income for the assessment year 2021-22 before due date…

Consequences for non-filing return of income within the due date under section 139 (1) Interest under section 234A Interest under section 234A@1% per month or part of the month for the period commencing from the date immediately following the due date under section 139 (1) till the date of furnishing of return of income is payable, where the return of income is furnished after the due date. However, no interest u/s 234A shall be charged on self-assessment tax paid by the assessee on or before the due date of filing of return. Fee under section 234F Late fee of 5,000 would be payable under section 234F, if the return of income is not filed before the due date specified in section 139 (1) . However, such fee cannot exceed - 1,000, if the total income does not exceed - 5,00,000. Carry forward and set-off of certain losses not permissible Following losses would not be allowed to be carried forward, where a return of income is not furnished within the time allowed under section 139 (1) business loss, speculation business loss, loss from specified business,loss under the head “Capital Gains"; andloss from the activity of owning and maintaining race horses.