What is the penalty for late filing of Income Tax Returns?

If an Income Tax Return is filed after the December 31 deadline, a penalty of ₹10,000 will be levied till March 2021. The penalty is ₹1,000 if income is below ₹5 lakh. The Income Tax Department can initiate proceedings for prosecution for a term of 3 months to 2 years, with fine, if an individual fails to file ITR altogether.