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Can ITR 1 for previous years be filed now ? Is there any penalty for that ?

yes, you can file now. Pay the interest if any. You dont have to pay penalty now

You can File for FY 15-16 without any penalty but you have to pay interest but for FY 14-15 if your return is taxable than penalty of Rs.5000/- and if it is not taxable than you may proceed with return

For FY 14-15 you don't have to currently pay the penalty it will be payable when you will receive the notice

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