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Income Tax Return: There will be no penalty for late filing of ITR, know this rule related to income tax

Income Tax Return Last Date: The last date for filing Income Tax Return is near. This time the last date for ITR filing started from June 15, 2022 has been fixed as July 31. The Income Tax Return Form (ITR Form) had already been notified by the department for the financial year 2021-22 (AY 2022-23). The website of Income Tax Department has become slow even after 10 days of ITR filing.

ITR will be filed without penalty!
Meanwhile, it is being claimed in all the news that if you do not file ITR by July 31, then after that you will have to pay a penalty. But let us tell you that in some cases ITR can be filed even after the last date without penalty. Let us know the rules related to this.

Income
tax experts say that under section 234F of income tax, the total income of a person during the financial year does not exceed the basic exemption limit, then there is a reason to file ITR late. that does not matter.

Understand in simple
language, if you understand in simple language, then any person with income up to 2.5 lakhs, if he files income tax after July 31, then he will not have to pay any kind of penalty. However, it depends on the tax regime selected by you. The exemption limit for opting for the new tax regime is Rs 2.5 lakh, irrespective of his age.

Exemption on age and annual income
Similarly, if one selects the old tax regime, then for those below 60 years of age, this exemption is Rs 2.5 lakh. At the same time, income up to Rs 3 lakh for those who are 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.

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