Never mind if you missed the July 31 deadline. You can still file it.

On the flip side, as per the law, you will not be able to set-off your losses against your income and will be charged interest at 1% per month on the outstanding tax amount. In case of any error or omission in your return, you will not be able to file a revised return later.

Still, better late than never!

Not filing your return at all simply because you were late, could result in a penalty of Rs.5000. Though late, if you file now, you can keep your track record relatively clear and also avoid the penalty.