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As an employer, if you miss filing TDS on income tax return, you may face the following consequences:

1. Late filing fees: If you fail to file your TDS return by the due date, you shall be liable to pay a sum of Rs. 200 for every day during which the failure continues and you cannot avoid these fees at any cost and under any circumstances. The amount of late fees shall not exceed the amount of TDS under Section 234E of the Income Tax Act. TDS/TCS return cannot be filed without payment of late filing fees as discussed above. In other words, the late filing fees shall be deposited before filing the TDS return. It should be noted that Rs. 200 per day is not a penalty but it is a late filing fee.
2. Penalty: As per section 271H, where a person fails to file the statement of tax deducted/collect at source i.e. TDS/TCS return on or before the due dates prescribed in this regard, then assessing officer may direct such person to pay penalty under section 271H. Minimum penalty can be levied of Rs. 10,000 which can go upto Rs. 1,00,000. Penalty under section 271H will be in addition to late filing fees prescribed under section 234E as sated above. Penalties under section 271H is relaxed under some cases. You may have to read about the relaxation here
3. Interest: If you fail to file your TDS return,  interest shall be levied at 1% of simple interest for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax was deducted. Also, interest at 1.5% shall be levied for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax was actually remitted to the credit of the Government.
4. Penalty for failure to produce a certificate: Under section 272A(2)(g) any individual who fails to provide the Form 16 or Form 16A certificate as required by Section 203 is liable to pay a fine of Rs. 100 for each day that the failure continues.
5. Prosecution: If you fail to deduct TDS or deduct less TDS than the prescribed amount or fail to deposit the TDS within the specified time frame, you may be liable for prosecution under Section 276B of the Income Tax Act. This can result in imprisonment for a term between three months and seven years, along with a fine.

In addition to these consequences, failing to file TDS on income tax return may also result in non-compliance with tax laws, which can impact your reputation and business operations.

Therefore, it is important to file your TDS returns on time to avoid any penalties or legal issues. If you have missed the deadline, you should file your return as soon as possible to minimize the consequences. You can also consult with a tax professional to understand your options and obligations.