ITR filing penalty: If a person whose gross total income does not exceed the basic exemption limit and files ITR after the deadline, then he will not be required to pay penalty.
ITR filing penalty: The deadline for filing income tax return without any penalty is over. This time till July 31, a record 6.50 crore income tax returns have been filed for the financial year 2022-23. After the deadline is over, if you are going to file the return now, then you may have to pay a fine of up to Rs 5000. However, for some taxpayers, the hassle of penalty is still not there.
Who doesn’t need to: Income tax laws do not require everyone to pay late fees for filing income tax returns after the deadline. If a person whose gross total income does not exceed the basic exemption limit and files ITR after the expiry of the due date, then he will not be required to pay penalty.
Explain that at present the basic tax exemption limit applicable to an individual depends on the tax regime chosen by him. If an individual opts for the new tax regime, the basic exemption limit will be Rs 2.5 lakh. This system has the same exemption for people of all ages.
What rules in the old tax regime: However, if a person opts for the old tax regime, the basic exemption limit depends on his age. Currently, the basic exemption limit for taxpayers below 60 years of age is Rs 2.5 lakh. This exemption limit is up to Rs 3 lakh for senior citizens of 60 years and above but less than 80 years of age. The basic exemption limit for very senior citizens (above 80 years) is up to Rs 5 lakh.
