Penalty is applicable for late filling of Return is as under:
From 1to 15days = Rs.500/-
From 16 to 30 days = Rs.1000/-
After 30days Rs.100/- per day till the date when return is being filed.
Subject to maximum of Rs.20,000/-
In case of NIL return, Penalty can be waived at the option of department, if valid reason is produced for late filing of return.
This is the maximum that can happen.
You can file online return at present without paying penalty & in future if you receive any demand from department, you try and covence them as to why you have filed the return late.