ITR Filing Latest News : Penalty not imposed for filling ITR even after the last date! Learn How

ITR Filing Latest News : The last date to file ITR is 31st July 2022. After this, you will have to pay a penalty on filling the ITR. However, in one case, if you file ITR even after the last date, you will not have to pay the fine.

The last date to file ITR is just 2 days away. The process of ITR filing, which started from June 15, 2022, will continue for two more days. After this i.e. from August 1, fines will be imposed on those who file ITR. If your taxable income is less than Rs 5 lakh, you will have to pay a penalty of Rs 1,000 and Rs 5,000 if it exceeds Rs 5 lakh. Therefore, the Income Tax Department is constantly making people aware about this.

However, in a case, you will not be penalized even if you do not file ITR by the last date. Today we will tell you which situations where you will not have to pay fine even on late ITR filing.

If the income is less than the exemption limit , under section 234F of the Income Tax Act, if your annual income is outside the tax slab, then even if you file late ITR, you will not be penalized. If you understand in simple language, if your income is less than 2.5 lakh rupees per annum, then you will be saved from penalty. The ITR filed on your behalf will be called Zero ITR only. The tax exemption slab will also increase with age. If you are above 60 years of age and your annual income is up to Rs 3 lakh, then you will not have to pay penalty for late ITR filing. After this, for 80-year-old people, this exemption is up to Rs 5 lakh.

Fill ITR on time Apart from the above, all other salaried people should complete the work of filling ITR without waiting for the last moment. Actually, many people are complaining about the slowdown of the website of the IT department. In such a situation, due to sudden increase in foot fall on the last day, the site may also crash and you may miss filling the ITR on time. Let us inform that according to the data released by the Income Tax Department, till July 26, 3.4 crore people have filed income tax returns.

People are demanding extension of the last date , complaining about the problem related to the taxpayer portal and requesting the Income Tax Department to extend the time limit. On Twitter, a user named CA Nitin Nayak wrote – #Extend_Due_Date_Immediately. He also gave his reasoning behind the demand to increase it. He wrote- 1. 26AS and AIS are not matching. 2. The portal is not fully functional. 3. 26AS not updated as of June 15th. 4. Forms are not available for timely filing. 5. Dates for filing TDS and GST returns clash.