Even if the return is filed a year later, the department gets time upto six months from the last day of FY in which return is filed. So for AY 2010-11 if you file return in FY 2010-11, department can issue notice u/s 143(2) by 30-9-2011. If return is filed belated in FY 2011-12, department can issue notice upto 30-9-2012.
The scrutiny selection normally happens in the months of Julu-August, so it is immaterial in whatever month of financial year you file your return.
So there is no escape from scrutiny, if your return has something which deserves to be scrutinised or falls within criteria laid by CBDT for selection of cases.
Coming to the flip side which may occur due to non filing of return before due date or at least by end on the relevant assessment year:
1. Interest u/s 234A
2. Any loss cannot be claimed for carry forward
3. Penalty of Rs 5000 u/s 271F if return not filed by end of year
4. Penalty u/s 271B may arise in case of auditable case where audit is not completed by due date
5. Admisnistratively, the assessee may be included in the list of non filers and notice u/s 142(1) may be issued calling for return and subsequent scrutiny. If ceratin additions/ disallowances in such case happen, it is very strong case of levying penalty u/s 271(1)(c)
Why should one plan to avoid scrutiny if everything is bonafide. If not whatever one does, there is no escape