You have 21 days if you are employed and have not yet submitted your income tax return (ITR). You will be subject to a severe penalty if your ITR Filing was not raised by July 31. The IT Department has provided information, stating that more than two crore ITR have already been filed for the assessment year 2023–2024.
Two crore income tax returns for the assessment year 2023–2024
have been submitted, according to a tweet from the IT Department on Tuesday. Up to July 20 of last year, two crore income tax returns were submitted. The IT Department announced that, because of taxpayer assistance, we were able to reach the milestone of two crores nine days sooner this year than the previous year. To avoid a last-minute rush, the tax administration has urged those who have not yet submitted returns for the assessment year 2023–24 to do so as soon as possible.
These people are exempt from paying taxes.
Up to Rs 7 lakh of income is tax-free under the new tax system. Similarly to this, if a person chooses the old tax system, they are only eligible for an exemption of up to Rs. 2.5 lakh for those under 60 and up to Rs. 3 lakh for those over 60. If you submit an ITR before July 31st, you can do so until July 31st, 2023. A penalty may be applied if an income tax return is filed after that. The Income Tax Department continuously educates income taxpayers. The government advises that to avoid any penalties, ITRs must be submitted on time.
Who will be exempt from paying a fine?
Let us inform you that you will not be penalized for paying your income tax after July 31 if your total income over the financial year 2021–2022 is Rs 2.5 lakh or less. The ITR that was submitted on your behalf is known as Zero (0) ITR.
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