Income Tax Return: Whenever filing income tax return with late fee, keep in mind which tax regime you have to choose. At present, according to the new tax regime and the old tax regime, income tax returns are being filed under different tax slabs.
ITR Filing with Late Fees: The last date for filing income tax return for individual taxpayers was 31 July 2023. And now this date has gone. Although people can still file their income tax returns. For this, people have to follow a process too. Actually, if people have not disclosed their earnings for the financial year 2022-23, then people can now file income tax return by paying late fee. However, people have a fixed date for this also.
How long after the deadline can you file?
Taxpayers who have failed to file ITR by July 31 can also file income tax return now. These taxpayers will be able to submit their returns by 31 December 2023. However, on such filing, salaried employees whose net taxable income is more than Rs 5 lakh per annum will be charged a late fee of up to Rs 5000. Apart from this, people who have a taxable income of less than Rs 5 lakh can file ITR with a fine of Rs 1000.
Why should you file ITR even if your income is less than ₹5 lakh per annum?
Income tax laws allow exemption if the taxable income is less than 5 lakhs per annum. However, taxpayers will have to file their ITR to claim exemption under relevant sections. The last date for filing ITR without penalty was Monday, July 31. However, if the net taxable income is less than Rs 5 lakh, a person can file ITR till December with a penalty amount of Rs 1,000.
Tax slab
On the other hand, whenever you file income tax return with late fees, keep in mind which tax regime you have to choose. At present, according to the new tax regime and the old tax regime, income tax returns are being filed under different tax slabs.
