Let us tell you that even after the last date of filing ITR i.e. 31st July has passed, many people can file their ITR without paying any fine. Those who fill their ITR after 31st will have to pay a fine ranging from Rs 1 thousand to Rs 5 thousand.
New Delhi. The last date for filing ITR has passed. Now from today you will have to pay a fine for filing ITR. Let us tell you that the last date for filing ITR was fixed as July 31. Those who fill their ITR after 31st will have to pay a fine ranging from Rs 1 thousand to Rs 5 thousand. However, there are still many people who have not been able to file their ITR. In such a situation, the question in the mind of many people is, can they still file their ITR without paying the penalty or paying less penalty.
These people can fill ITR without fine
Let us tell you that even after the last date of filing ITR i.e. 31st July has passed, many people can file their ITR without paying any fine. According to income tax experts, under section 234F of Income Tax, if the total income of a person during the financial year does not exceed the exemption limit, then there is no point in filing ITR late.
You can understand it in simple language in this way that, if your income is Rs 2.5 lakh or less till the financial year 2021-22, then you will not have to pay any penalty for filing income tax after July 31. The ITR filed on your behalf will be called Zero ITR.
These people also get discount
Similarly, if someone opts for the old tax regime and his age is 60 years or more and less than 80 years, then his income up to three lakh rupees is tax free. Similarly, for those above 80 years of age, the basic exemption limit is Rs 5 lakh.
These people can fill ITR after seeing 1 thousand rupees
If your total annual income is less than Rs 5 lakh, then you can file your ITR by paying a fine of only Rs 1,000. At the same time, those people whose annual income is 5 lakh or more, then those people will have to pay up to 5 thousand rupees to file their ITR.
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