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If the defect is not fixed in time, the return can be treated as invalid, as if you never filed it. That can bring late fee, interest, loss of refunds and loss of the right to carry forward losses.
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If the defect is not fixed in time, the return can be treated as invalid, as if you never filed it. That can bring late fee, interest, loss of refunds and loss of the right to carry forward losses.
Sec 139(9), Income-tax Act 1961 (now Sec 263(7), Income-tax Act 2025); Sec 234F, Income-tax Act 1961 (now Sec 428, Income-tax Act 2025); Sec 80, Income-tax Act 1961 (now Sec 121, Income-tax Act 2025)
An invalid return means you are back to having no return for that year. You may then need to file a belated return if the window is still open, or later an updated return with additional tax. A business loss of, say, ₹3 lakh that would have been carried forward may be lost. Ignoring the notice also raises the chance of a non-filing communication later.
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