ITR Filing 2023: The last date for filing ITR for the financial year 2022-23 is nearing. An appeal has been made by the Income Tax Department to the people that all the people should file their income tax returns before 31st July. At the same time, penalty will be imposed on those who do not file ITR within the time limit.
New Delhi: ITR Filing 2023: The last date for filing ITR for the financial year 2022-23 is drawing near. An appeal has been made by the Income Tax Department to the people that all the people should file their income tax returns before 31st July. At the same time, penalty will be imposed on those who do not file ITR within the time limit.
Those above 5 lakh will have to pay 5 thousand
In our special conversation with tax consultant Parashar Gulshan on this issue, he said that those whose annual income is above 5 lakh will have to pay 5 thousand rupees as fine. On the other hand, those whose income is less than 5 lakhs and come under the purview of ITR, then they will have to pay a compensation of Rs 1,000 as late fee.
Learn how taxpayers can get tax exemption
During this, tax consultant Parashar Gulshan also told us how we can get tax exemption under various sections of the Income Tax Act. Taxpayers can claim a deduction of up to Rs 5000 on preventive check-up for self, dependent children or spouse and parents under Section 80D of the Income Tax Act to get tax exemption.
Apart from this under section 80C to 80U of the Act,
You can also claim deduction on expenses incurred on children, parents and other dependents under section 80C to 80U of the Income Tax Act. If you are living in a rented house, you can claim tax exemption on HRA under section 10 (13A) of the Income Tax Act.
This is how you can get leave travel concession
If you can claim deduction on interest up to Rs 3,500 and Rs 7,000 in a financial year under post office savings schemes. You can also claim Leave Travel Concession exemption for expenses incurred while traveling on leave under section 10(5) of Income Tax subject to certain conditions.
