New Delhi. The last date for filing ITR for assessment year 2024-25 was 31 July. It is not that now taxpayers cannot file ITR. They can still do so but they will have to pay a penalty for this.
However, there are some cases in which there will be no penalty for filing ITR even after the 31st date. If your income is completely tax exempt, then you will not have to pay any penalty for filing late ITR. There is also a condition in this that you should not have any other eligible source of income. Apart from this, taxpayers who are not required to file ITR under the law, they simply do so voluntarily. They will also not have to pay a penalty.
It is necessary for them to file ITR
. Let us tell you that it is mandatory for some taxpayers to file ITR, even if they do not have a source of income. People who have Rs 50 lakh in their savings account. Apart from this, those who get a turnover of Rs 60 lakh or more from the sale of their products. People who pay electricity bill of Rs 1 lakh or more in a financial year. Professionals whose income in a financial year is more than Rs 10 lakh. It is mandatory for these people to file ITR.
These people will also have to file ITR
Apart from the people mentioned above, it is mandatory for some other people to file ITR. People who have spent more than Rs 2 lakh on foreign travel. People whose TCS or TDS is above Rs 25000. People who have property abroad or those who get benefits from foreign property.
