There are some taxpayers who can file their ITR even after the expiry of the deadline without any penalty. Let us tell you which taxpayers will get exemption.
New Delhi. The last date to file income tax return is 31 December 2021. If you miss this deadline, you may have to pay a fine of Rs 5,000. However, there are some taxpayers who can file their ITR even after the expiry of the deadline without any penalty. Let us tell you which taxpayers will get exemption.
Let us tell you that the Central Board of Direct Taxes (CBDT) has once again extended the deadline for filing ITR for the financial year 2020-21 to 31 December 2021. Filing of ITR after December 31 will attract a penalty of Rs 5,000.
Will have to pay a fine of Rs 5,000 If the
return is filed after the date given by the government, a fine of Rs 5,000 can be imposed. It is mentioned in section 234F of Income Tax. However, if the income of the taxpayer is within Rs 5 lakh, then the rule is to pay Rs 1,000 as late fine. The amount of fine will increase on earning more than 5 lakhs.
Those who do not have to pay penalty,
whose gross total income does not exceed the limit of basic exemption, they will not face any penalty for delay in filing ITR. If the gross total income is less than the basic limit of exemption, then there will be no penalty under section 234F for late filing of return.
What is belated return?
When a taxpayer files his return after the date of filing ITR, it is called a belated return. It comes under section 139(4) of the Income Tax Act. Any taxpayer can file his previous return under this section.
What is the penalty system on belated return?
The belated return attracts penalty under section 234F. Under this section, there is a penalty of Rs 5,000 for filing ITR after the deadline and before December 31. After this the amount increases to Rs 10,000. However, it is also to be noted that if the total income of the taxpayer does not exceed Rs 5,00,000, then the fee for filing late ITR cannot exceed Rs 1,000.
