Late fee for ay 2020-2021

If you missed filing your Income Tax Return (ITR) for AY 2020-21, you may face a late fee under Section 234F of the Income Tax Act, 1961. The penalty amount is typically Rs 10,000 if your taxable income exceeds Rs 5 lakh, Rs 1,000 if it's between Rs 2.5 lakh and Rs 5 lakh, and nil if it's below Rs 2.5 lakh. This penalty is mandatory and cannot be waived or reduced by the Assessing Officer.