New Delhi: The last date for filing income tax returns for the assessment year 2022-23 has now passed. A record 6.77 crore income tax returns have been filed for AY 2023-24 in the country. But, still, many people have not filed ITR till 31st July. You can file returns even after the deadline has passed, but you will have to pay a penalty for doing so which can range from Rs 1000 to Rs 5000. However, some people are also exempted from penalties for late filing of ITR.
If you have also missed filing ITR and are planning to file a belated ITR, then before doing so you must gather all the information first. Late filing of ITR not only leads to penalties but also some other disadvantages. Like, you have to pay interest on the income tax made on you. In case of belated ITR filing, loss (other than house property loss) is not allowed to be set off and carried forward and to claim certain deductions under Chapter VI-A.
Not have to pay fine if
According to the provisions of the Income Tax Act, it is not necessary for everyone to pay a late fee for filing ITR after the deadline is over. If the gross total income of a person does not exceed the basic exemption limit, then he will not have to pay a penalty while filing a late ITR. This exemption has been mentioned in section 234F of the Income Tax Act.
Know Exemption Limit
Under the new regime of income tax, the personal basic exemption limit is Rs 3,00,000, whereas according to the old regime, the basic exemption limit varies according to age. As per the old tax regime, the basic exemption limit for individuals up to the age of 60 years is Rs.2,50,000 only, but for senior citizens between the age of 60 to 80 years, the basic exemption limit is Rs.3,00,000. This basic exemption limit has been kept at Rs 5,00,000 for super senior citizens above 80 years of age.