The last date for filing Income Tax returns (ITR) has passed. This was scheduled to end on July 31. Now for doing this important work, you have to pay a fine, but you can complete this important work with only a 1000 rupees fine. Let’s know what are the rules.
After ITR
The time limit is over, now you have to pay a penalty for filing an ITR return. For income of less than Rs 5 lakh, the penalty amount has been set at Rs 1,000 under the guidelines of the Income Tax Department. At the same time, if your income is more than 5 lakhs, then the penalty amount will be Rs 5,000. If the return is not filed after the last date before 31st December 2022, this penalty will be doubled. That is, you will have to pay Rs 10,000 instead of Rs 5,000.
1000 fine in this case
According to section 234F of Income Tax, if you file ITR after the last date of filing the return, you will have to pay Rs 5,000 as a penalty. However, if the total income of the individual does not exceed Rs 5 lakh, then this work can be accomplished with a penalty of Rs 1000 only. On the other hand, if the total income of an individual does not exceed the basic exemption limit, the tax regime chose by him under it, then he will be exempted from any penalty while filing a delayed ITR.
Required to verify
ITRs Out of the ITRs filed so far, more than 3 crore income tax returns are in the process of getting verified. It is very important to verify this to get the refund without any interruption. If your mobile number and PAN number are linked with Aadhaar, then this work can be accomplished through Aadhaar Based One Time Password (OTP).
Speed up ITR filing on the last day
So far 5 crores 82 lakh 88 thousand 962 people have filed income tax returns for the assessment year 2022-23. According to the information given on the Twitter handle of the Income Tax Department, 67,97,067 ITRs were filed in a day till 11 pm on July 31, which was the last date for filing returns. Between 10 pm and 11 pm, 4,50,013 returns were filed in just one hour.
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