Income Tax Return Filing: If you also do a job and have not yet filed your Income Tax Return (ITR), then you have 14 days time. If you have not filed your tax return (ITR Filing) till 31st July, then you will have to pay a heavy penalty. Giving information, the Income Tax Department has said that for the assessment year 2023-24, more than two crore income tax returns have been filed so far.
2 crore returns filed till July 11
The Income Tax Department said in a notification released on Twitter on Tuesday that two crore income tax returns have been filed till July 11 for the assessment year 2023-24. Last year, till July 20, two crore income tax returns were filed.
The Income Tax Department tweeted,
the Income Tax Department has said in its tweet that with the help of taxpayers, we have achieved the figure of two crore nine days earlier this year than last year. The tax department has asked those who have not yet filed returns for the assessment year 2023-24 to file returns as soon as possible to avoid last minute rush.
These people do not have to pay tax.
Under the new tax regime, income up to Rs 7 lakh is tax free. Similarly, if someone selects the old tax regime, then for those below 60 years of age, this exemption is Rs 2.5 lakh and for those above 60 years of age, this exemption is up to Rs 3 lakh.
File ITR before 31st July,
this time you can file income tax return till 31st July 2023. After this, if income tax return is filed, then penalty can be imposed. Income tax payers are constantly being made aware by the Income Tax Department. It is told by the department that to avoid any kind of penalty, file ITR on time.
Who will not have to pay penalty
Let us tell you that if your total income till the financial year 2021-22 is Rs 2.5 lakh or less, then you will not have to pay penalty for filing income tax after 31st July. The ITR filed on your behalf will be called Zero (0) ITR.
