ITR Filing Penalty Update: According to the Income Tax Act, even after the deadline is over, every person filing income tax return is not required to pay penalty.
The deadline for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 is over on July 31, 2022. After the deadline is over, whoever files the income tax return will have to pay a penalty. Although there are many categories of people who have not filed their returns yet, they need not panic as they will not have to pay any penalty even after the deadline for filing income tax returns is over.
Who will not have to pay penalty
According to the Income Tax Act, every person filing income tax return is not required to pay penalty even after the deadline is over. If a person’s annual income is less than the basic tax exemption limit, then they will not have to pay any penalty. According to the new tax regime, the basic tax exemption limit is Rs 2.50 lakh per annum. That is, under the new system of tax, those who are filing income tax returns after the deadline is over, they will not have to pay any penalty.
If someone is filing returns under the old tax regime, then the basic income tax exemption limit is determined on the basis of age. If the person is less than 60 years of age and has an annual income of less than Rs 2.50 lakh, then penalty will not have to be paid. Senior citizens in the age group of 60 to 80 years have an annual income of up to Rs 3 lakh, then they will not have to pay any penalty. And super senior citizens above 80 years whose income is less than Rs 5 lakh per annum will not have to pay penalty.
However, even if less than the limit of annual tax exemption but fulfill these conditions, then there will be penalty for filing income tax return after the deadline for assessment year 2022-23.
First – Those who have deposited more than Rs 1 crore in more than one current account in a bank or cooperative bank.
Second – 2 lakh rupees have been spent on foreign travel of himself or someone else.
Third – Those who have paid a bill of more than one lakh rupees in the head of electricity bill in a year.
