ITR Return Last Date: The last date for filing ITR is near 31st July and the department has clearly refused to extend the last date. But hardly you are aware that there is a rule under which penalty will not be imposed even after filing ITR after 31st July.
Income Tax Return Last Date: According to the latest update released by the Income Tax Department, more than one crore people have filed ITR till the end of June. Like last year, this time also there is a possibility of making a record in the case of income tax return. Actually, day by day people are becoming aware about filing income tax. This time the income tax returns filed in June are about 12 percent more than the same period last year.
Can file even after 31st July
Let us tell you that the last date for the process of ITR filing is 31 July. However, according to the rules of Income Tax, you will not have to pay penalty for filing ITR even after 31st July. Let’s know what is this rule? Income tax payers are constantly being made aware by the Income Tax Department. It is told by the department that to avoid any kind of penalty, file ITR on time. But hardly you know that in some cases you can file ITR without penalty even after the last date.
Zero ITR will be called
Income tax experts say that under Section 234F of Income Tax, if the total income of a person during the financial year (Total Income in FY) does not exceed the basic exemption limit, then there is no difference in filing ITR late. In simple language, if your total income till the financial year 2021-22 is Rs 2.5 lakh or less, then you will not have to pay penalty for filing income tax after 31 July. The ITR filed on your behalf will be called Zero (0) ITR.
Relaxation on age and annual income
Similarly, if someone selects the old tax regime, then this exemption is Rs 2.5 lakh for those below 60 years of age. At the same time, the income of up to three lakh rupees for those 60 years or more and less than 80 years is tax free. Similarly, the basic exemption limit for those above 80 years of age is 5 lakhs. Under the new tax regime, income up to Rs 7 lakh is tax free.
