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In case if you file your return after 31st July but before December, a penalty of Rs. 5000 will be levied. For ITR filed after December, the penalty will be Rs. 10,000.
However to provide relaxation to small taxpayers; the IT department has stated a maximum penalty of only Rs. 1,000 will get levied subject to condition that your total income is less than Rs 5 lakh.
If the taxpayer fails to furnish ITR within the due date, he will be liable to pay penalty same as delayed filing.