For income tax ay 2016-17

Yes u/s 139(4) upto 31.03.2018, alongwith interest on late payment of tax.

Thanks sir

any penalty if taxable income 5 lac and source of income business.

Income tax officer may levy a penalty of Rs. 5000 under Section 271F for late filing of income tax return. This penalty is not levied in all cases and is at the sole discretion of the assessing officer.

thanks sir