Reader's corner: Taxation

What can be the consequences of being irregular with filing?

I have sold a house recently. I am not planning to buy a new property with the proceeds. Can you help me understand how the capital gains bonds under Section 54EC would help me save tax? 

Investment of capital gains into capital gains bonds under Section 54EC of the Income-Tax Act, 1961 (I-T Act), will help you to save tax. You need not to invest the whole of sale consideration. Further, you would also need to make such investment within six months from the date of sale. However, such bonds are subject to a lock-in period of three years and the