IT Return Last Date: In simple language, it can be said that if your total income in 2022-23 is Rs 2.5 lakh or less as per the old regime, then this rule will apply to you. Under this rule, you will not have to pay penalty for filing income tax after 31st July.
Today is the last date for filing Income Tax Return (ITR Filing). According to the update released by the Income Tax Department, till the morning of 31 July, 6.13 crore people have filed ITR. There is a continuous demand on social media to extend the last date for filing ITR. Some people believe that its date will be extended by the Finance Ministry. But the government has given a clear refusal for this. But hardly you know that under a rule of Income Tax, penalty will not have to be paid even after filing ITR after 31st July.
Relief on income less than exemption limit
According to Income Tax Expert, under Section 234F (234F) of Income Tax, if your total income (Total Income in FY) is less than the basic exemption limit during a person’s financial year, then filing late ITR will not make any difference. In simple language, it can be said that if your total income in 2022-23 is Rs 2.5 lakh or less as per the old regime, then this rule will apply to you. Under this rule, 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.
Penalty will have to be paid on late filing, apart from this, if you come under income tax and you miss filing ITR, then you can file belated ITR. However, on this they will have to pay a penalty for late filing. If a taxpayer files ITR after the last date, he will be fined a maximum of Rs 5,000. However, the maximum penalty for late ITR filing is Rs 1,000 for individuals whose total income during the entire financial year does not exceed Rs 5 lakh.
If the taxpayer does not file his ITR, then he will not be able to carry forward the loss incurred in the current assessment year. Apart from this, if they willfully fail to file their returns even after receiving notice from the Income Tax Department, they may face prosecution.