Previously, an individual was allowed time till the end of the financial year, i.e., March 31 to file belated ITR by paying a maximum penalty of up to Rs 10,000. Here's why the penalty of FY 2021-22 (AY 2022-23) is half that of FY 2019-20 (AY 2020-21) if the ITR is filed after the expiry of the current deadline.
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