Late ITR filing may incur Rs 5,000 fee

ITR filing deadline for salaried employees is July 31.

Reporting less income can lead to a 50% penalty under Section 270A.

Knowingly providing wrong information can result in a penalty up to 200% of tax owed.

Late filing under Section 234F incurs a fee up to Rs 5,000; capped at Rs 1,000 if total income is below Rs 5 lakh.

Failing to maintain proper accounts can lead to a fine of up to Rs 25,000.