The penalty for late filing of a time study sheet can vary depending on the specific organization or institution. In some cases, there may be a monetary penalty or deduction from wages for late submission. Additionally, late filing may result in delays in processing payroll, performance evaluations, or project timelines. Furthermore, repeated instances of late filing could lead to disciplinary actions or reprimands, which may include written warnings, reductions in bonuses or incentives, or even termination in extreme cases. It is important to consult the specific guidelines and policies of your organization to determine the exact penalties for late filing of a time study sheet.