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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.
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