Under Section 234F, a penalty of ₹ 5,000, or ₹ 1,000 is levied for small taxpayers, and a 1 per cent per month penal interest under Section 234A is applicable on pending tax payment.
These deadlines include adding nominations to your demat account and mutual fund folios, signing a revised bank locker agreement, invest in special FDs with higher interest rates and more.
If an individual has missed the deadline of July 31, 2023 to file their income tax return (ITR) for FY 2022-23, then he/she may still file a belated ITR by paying a penal fee. However if an individual s income is below the basic exemption limit then there is no penal fee for filing belated ITR.