New Delhi — Have you filed and e-verified your Income Tax Return yet? If you miss the July 31, 2026 deadline for AY 2026-27, it can lead to late fees, interest, and other compliance issues. The Income Tax Department has clear penalties for different types of defaults. Some are fixed charges, while others depend on the amount of tax involved. Here are 5 key penalties taxpayers must be aware of: 5 Common Income Tax Penalties 1. Filing ITR After Due Date Section 234F Penalty: Late fee up to ₹5,000 If your total income is up to ₹5 lakh, the late fee is capped at ₹1,000 2. Filing Delayed Revised Return Section 234I Penalty: ₹1,000 or ₹5,000 depending on your income slab 3. Under-reporting or Misreporting Income Section 270A Penalty: 50% to 200% of the tax payable on the under-reported income 4. Receiving ₹2 Lakh or More in Cash Sections 269ST & 271DA Penalty: Equal to the amount received in violation of cash transaction rules 5. Failure to Pay Self-Assessment Tax Sections 140A & 221 Penalty: Up to the outstanding tax amount Important Note The deadline to file ITR for AY 2026-27 is 31 July 2026. Filing late can also mean interest on unpaid tax and delay in refunds. Tax rules can vary based on individual cases. For specific advice, it’s best to consult a certified tax professional or chartered accountant. Post navigation “How Dare You”: Rahul Gandhi Slams DU, JNU Advisories Asking Students To Avoid Protests Outreach and Assurances: Centre Change Approach to CJP Protest Over NEET Paper Leak
