Income Tax Rules: 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 Refund: The returns of most of the tax payers who have filed income tax returns for the financial year 2021-22 are out. The Central Board of Direct Taxes (CBDT) had said in the data released last days that during April 2022 to August 31, 2022, 1.96 crore income tax payers have been refunded Rs 61 thousand 252 crore in the form of personal tax refund. Apart from this, the total income tax refund of Rs 1.14 lakh crore was done by the department.
ITR being filed with penalty after July 31
This time the last date for filing income tax was 31st July. Till this date not many people have been able to file ITR. Those filing income tax returns after July 31 have to pay a penalty. But hardly you know that in some cases ITR can be filed even after the last date without penalty.
Things Depend on the Tax Regime Selected
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. If you understand in simple language, if a person with an income of up to 2.5 lakhs files income tax return after the due date, then he will not have to pay penalty. However, it also depends on which tax regime you have selected?
Age and annual income exemption
If one 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.
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