New Delhi: Last date for filing Income tax return was July 31. Those filing income tax returns after July 31 have to pay a penalty. However, tax filers may not know that they can file ITR without giving any penalty in some cases.
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According to tax experts, you won’t be charged any penalty for filing ITR after 31st July in case your total income in a financial year is not above 2.5 lakhs under 234 F section of Income tax act. In simple terms, a person whose total income in a financial year isn’t above 2.5 lakhs can pay ITR even after the last date without any penalty. However, there is a catch here which you should know. It’s also dependent on which tax regime you have chosen.
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If a person selects the old tax regime, then the relaxation is Rs 2.5 lakhs for those who are below 60. Similarly, those who are between 60 and 80, the exemption is Rs 3 lakhs. Likewise, the basic exemption limit for those above 80 years of age is 5 lakhs.
The returns of most of the tax payers who have filed income tax returns for the financial year 2021-22 are out. The Central Board of Direct Taxes (CBDT) had said in the data released last days that during April 2022 to August 31, 2022, 1.96 crore income tax payers have been refunded Rs 61 thousand 252 crore in the form of personal tax refund. Apart from this, the total income tax refund of Rs 1.14 lakh crore was done by the department.