✔AO can issue notice u/s 142(1) if the return is not filed before the time allowed u/s 139(1). 

 

✔Carry forward of Losses not allowed except in few exceptional cases.

 

✔May lead to Best judgment assessment by the AO u/s 144.

 

✔Penalty u/s 270A which is equal to fifty per cent of the amount of tax payable on under-reported income or two hundred per cent of the amount of tax payable on under-reported income where under-reported income is in consequence of any misreporting.

 

✔Prosecution u/s 276CC for failure to furnish return of income. Section provides for rigorous imprisonment for a term up to 7 years and fine.