ITR Filing: Taxpayers have to pay a penalty for filing income tax return late. However, there are some taxpayers who will not have to pay any penalty even if they file ITR after the deadline. These taxpayers will not have to pay any penalty even after the deadline expires.
ITR Filing: It is necessary to file income tax returns for the financial year 2023-24 and assessment year 2024-25 by July 31, 2024. After this, you will have to pay a penalty for filing the return.
But there are some people who will not have to pay any tax if they file ITR after the deadline. We are giving you information about this.
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If a person does not have any tax liability, then you will not have to pay any penalty for filing the return even after the deadline. According to the old tax regime, you will not have to pay any penalty for an annual income of Rs 2.50 lakh. Whereas for a person above 60 years of age, the limit is Rs 3 lakh.
Whereas for senior citizens above 80 years of age, the exemption limit is Rs 5 lakh. According to the new tax regime, the benefit of tax exemption is available on income of Rs 3 lakh.
