Late Filing Penalty: Missing the ITR filing deadline attracts late fees under Section 234F, reducing your tax savings and compliance record..Interest on Tax Due: If you owe taxes, missing the deadline leads to additional interest under Section 234A, increasing your total payable..Loss of Carry Forward Benefits: Delay in filing ITR prevents you from carrying forward certain losses, impacting future tax planning and deductions..Trouble in Loan or Visa Approval: Banks and embassies often require ITR proofs; missing deadlines may create hurdles in approvals or documentation..Risk of Notice from IT Department: Failure to file on time can attract notices from the Income Tax Department, leading to scrutiny and penalties..Read more stories.