Income Tax Return Update: If you file ITR after July 31, then you will not have to pay any penalty. Yes, it is exempted under section 234F of Income Tax. Let us know what is this rule?
Income Tax Return Last Date: The last date for filing Income Tax Return is near. This time the last date for ITR filing started from June 15, 2022 has been fixed as July 31. The Income Tax Return Form (ITR Form) had already been notified by the department for the financial year 2021-22 (AY 2022-23). The website of Income Tax Department has become slow even after 10 days of ITR filing.
ITR will be filed without penalty!
Meanwhile, it is being claimed in all the news that if you do not file ITR by July 31, then after that you will have to pay a penalty. But let us tell you that in some cases ITR can be filed even after the last date without penalty. Let us know the rules related to this.
Relief will be given on income less than the exemption limit
Income tax experts say that under section 234F of Income Tax, if the total income in the financial year of a person does not exceed the basic exemption limit, then there is no difference in filing ITR late.
understand in simple language
If you understand in simple language, if any person with income up to 2.5 lakhs files income tax after July 31, then he will not have to pay any kind of penalty. However, it depends on the tax regime selected by you. The exemption limit for opting for the new tax regime is Rs 2.5 lakh, irrespective of his age.
Age and annual income exemption
Similarly, if someone selects the old tax regime, then for those who are below 60 years of age, this exemption is Rs 2.5 lakh. At the same time, income up to Rs 3 lakh for those who are 60 years or more and less than 80 years is tax free. Similarly, the basic exemption limit for those above 80 years of age is 5 lakhs.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
