Penalty for filling income tax return

If your net business profit is below £250,000 for the P.Y. 20-21, you generally don't need to worry about a Rs 1000 penalty for filing your income tax return. As your income is below the exemption limit, you can file your ITR without late fees before the 31st March 2022 deadline. Section 234F, which imposes a late filing penalty, is not applicable to individuals whose total income is less than £2,50,000.