delay in paying of income tax

Basically we can file belated return within 1 year from the end of the relevant assessment year.Even if the belated return is filed if there is requirement to pay advance tax,then interest has to be paid for late payment. If there is no tax or Tax has been deducted at source then need to worry(Though return still needs to be filed)

If you file the return belatedly then there will be fine and in case of tax, then Interest will be charged.

SRinivas has answered correctly Good one

what is the percentage of fine and interest for belated returns.

For Belated Return Fine is 5000/- Interest Rate is 1.25% p.m.

If you file the return belatedly then there will be fine and in case of tax, then Interest will be charged.

penalty u/s 271F is rs.5000/ interest is @ 1%per month

Yes it is final 1% interest rate