If you file your return after the due date but before December 31 of the assessment year, you will have to pay ₹5,000 as penalty. If you file it between January 1 and March 31 of assessment year 2019-20, you will have to pay a late fee of ₹10,000. This penalty is applicable for individuals who have an income above ₹5 lakh. In case you file it between January 1 and March 31 of assessment year 2019-20 and your income is below ₹5 lakh, you have to pay a penalty of up to ₹1,000.
Besides that if any payment was due, interest is levied for delay in filing the return of income. Interest is levied at 1% per month or part of a month.
Penalty Income upto 2.5lkh No peanlty till 31st march income upto 5lk- 1000 penalty upto 31st march Income above 5lkh- 5000 penalty till 31st dec 10000 till 31st march
However if your client have turnover of 98lkh approx and profit less than 6/8 % (8% for cash sale, 6% for digital sale I.e. through bank), you have to conduct audit u/s 44AB till 30 Sep and penalty will be 1% of turnover in case of default.
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