Income Tax: Penalty on ITR will not be levied even after the last date, know how to file
Newz Fast, New Delhi: Even if you have not filed ITR then you can still submit ITR. There are many such rules of ITR, under which penalty on return can also be avoided.
The last date for filing income tax returns was July 31. According to the Income Tax Department, more than 5.8 crore returns have been submitted till July 31.
Even after this, the process of filing the return is going on. But the fine is also being collected along with the return.
If you have also not filed ITR then you can still submit ITR. There are many such rules of ITR, under which penalty on return can also be avoided.
These people will be fined Rs 5000
The last date for submission of billed ITR is 31 December 2022. According to the rules of Income Tax, a penalty of up to Rs 5000 has to be paid for filing late ITR.
But according to section 234f of the Income Tax Act, this penalty will be imposed on those people whose annual income is more than Rs 5 lakh.
They will have to pay a fine of Rs 1000
People whose income is less than 5 lakh rupees. If they have not filed the return by the last date, then they will be fined Rs 1000.
If the total income of a person does not exceed the basic exemption limit under the tax regime chosen by him, then he will not have to pay any penalty for filing belated ITR.
These people will get exemption from fine
According to the Income Tax Act, after the last date everyone is not required to pay late fee for submitting ITR file.
If the gross total income of a person does not exceed the basic exemption limit, then he will not have to pay penalty even for filing late ITR. This facility is available under Section 234F of the Income Tax Act.
What is gross total income and basic exemption?
According to section 139(1) of the Income Tax Act, your total income without deduction of tax under section 80C and section 80U is called gross total income.
If this income does not exceed the basic exemption limit, then you will not be required to pay penalty and interest even if you submit late ITR file.
Along with this, it also has to be kept in mind that the basic exemption limit depends on the new and old tax system. If you have opted for the new tax system, then the basic exemption limit for you is Rs 2.50 lakh.