ITR filing deadline 2026: 5 income tax penalties every taxpayer must know for AY 2026-27

Late ITR filing under Section 234F attracts a late fee up to ₹5,000 (₹1,000 if total income ≤ ₹5 lakh).

Delayed revised return under Section 234-I costs ₹1,000 or ₹5,000 depending on income.

Under-reporting or misreporting income under Section 270A results in a penalty of 50% to 200% of tax payable.

Receiving ₹2 lakh or more cash in violation of Sections 269ST/271DA incurs a penalty equal to the amount received.

Failure to pay self-assessment tax under Sections 140A/221 leads to a penalty up to the outstanding tax amount.