Not filing a return on time does have financial implications, especially if you have a net income tax payable and / or if you have losses to be carried forward. This can really hurt especially if the losses to be carried forward are significant. Therefore, your best option is to ensure that you file the income tax return by the deadline.
Individuals primarily with salary income and certain other tax payers were required to file their tax returns by 31st July, 2019 for the financial year 2018-19 (assessment year 2019-20).
Read on me: https://taxguru.in/income-tax/not-filed-your-it-return-by-4th-august-file-it-now.html
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