a punishment

As per the existing income tax laws, late filing fees of up to Rs 5,000 are levied if ITR is filed late. However, the late filing fee for small taxpayers is Rs 1,000 if the taxable income does not exceed Rs 5 lakh. Late filing fee is levied under section 234F of the Income Tax Act, 1961. Note that this late fee must be paid before filing the delayed ITR. (Text by Preeti Motiani/ET Online)