Is there any penalty if I file IT after due date of 5th Aug.?Can I file now? more  

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There is no penalty on late filling of ITR if you file your ITR upto 31st of MARCH 2017. Only you have to pay interest on tax payable amount, if any. If there is a refund then you will get interest on refund amount from the date of filling of your ITR. After MARCH 2017 there will be penalty on late filling. more  
Yes. Nice more  
You have sought information / guidance about the (1) penalty of late filing ITR of Financial Year 2015 - 2016 & (2) whether can you file it now. Answer is (2) you can file it up to 31.03.2017 & (1) There is no penalty if filed up to 31.03.2017. You have to pay interest @ 1.00% per month if you now have to deposit / pay Income Tax. (3) 05 August was last date for the person whose books was not to be audited. If it is to be audited then filing date is 31.10.2016. more  
If the bank has deducted TDS, you can file a return for refund more  
Virendran R ji, to sum up, you can also late file your ITR without any interest/panelty upto 31.03.17, provided there it is a nil return i.e. no refund of tax or no tax payment remains to be made by you,after 31.07.16. more  
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