More than one crore persons had submitted ITR as of the end of June, according to the most recent data provided by the Income Tax Department. Similar to the previous year, there is a chance that the income tax return will set a new record this year as well. In reality, more and more people are becoming aware of the need to file income taxes. The number of income tax returns filed in June this year is up by roughly 12% over the same time last year.
Can submit even after July 31.
Let us inform you that the deadline for submitting an ITR is July 31. However, even if you file your ITR after July 31st, you won’t be subject to a penalty under Income Tax regulations. Let’s find out what this rule is. The Income Tax Department continuously educates income taxpayers. The government advises that to avoid any penalties, ITRs must be submitted on time. Few people are aware that you can occasionally file an ITR beyond the deadline without incurring a penalty, though.
According to income tax experts, submitting an ITR late
makes no impact under Section 234F of the Income Tax Act. If a person’s total income for the fiscal year (Total Income in FY) does not exceed the basic exemption ceiling. does not need to In plain English, you won’t incur a penalty for reporting your income tax after July 31 if your total income over the financial year 2021–22 is Rs 2.5 lakh or less. The ITR that was submitted on your behalf is known as Zero (0) ITR.
Exemption for annual income and age
The exemption amount for people under 60 years old is Rs. 2.5 lakh if one chooses the old tax system. Additionally, for individuals who are 60 years of age or older and under 80 years of age, income up to three lakh rupees is tax-free. The baseline exemption threshold for people over 80 is also 5 lakhs. Up to Rs 7 lakh of income is tax-free under the new tax system.
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