ITR filing: 10 penalties taxpayers should not ignore

ITR filing FY 2025-26: When filing your income tax return, full, accurate and timely reporting of your income and tax dues is important. Failure to file income tax returns within the deadline or under/misreporting of your income invites penalties from the Income Tax Department.What are the various sections under which income tax penalties are applicable? When does a default happen and what are the penalty amounts that have to be paid by taxpayers? Here is a list of 10 top 10 penalties that can be imposed: Section: 234FWhen does default happen? Failure of the taxpayer to file the income tax return within the due date prescribed under Section 139(1).What is the penalty? A late filing fee of Rs 5,000 is applicable if the income tax return is submitted after the due date specified under Section 139(1).