New Delhi, July 28 -- Many taxpayers scrambling to meet the 31 July income tax return (ITR) deadline tend to focus on one consequence of filing late, the penalty. But tax experts say the bigger financial impact often comes from losing tax benefits that could reduce future tax bills, especially for investors.

While a belated return can still be filed within the prescribed timeline, missing the due date may restrict taxpayers from carrying forward certain losses, delay refunds and attract additional interest if taxes remain unpaid.

"The biggest financial mistake is often losing tax benefits that are available only if the return is filed on time. For many taxpayers, the real cost is not just the late fee, but the permanent or practical los...