SHORT ANSWER:
The penalty for late filing of Income Tax Return (ITR) can range from ₹1,000 to ₹10,000 depending on the delay.
DETAILS:
- If filed after the due date but before December 31, the penalty is ₹1,000 if the total income is up to ₹5 lakh; otherwise, it is ₹5,000.
- If filed after December 31, the penalty is ₹10,000 regardless of income level.
PUNISHMENT / IMPLICATIONS (if applicable):
- Late filing may also result in interest on unpaid taxes.
SOURCE:
- Income Tax Act, 1961
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