ITR issued New Rules: ITR can also be filled by paying a fine of only Rs 1000, here are the rules

ITR issued New Rules: The last date for filing Income Tax Return (ITR) has passed. The last date for this was fixed as July 31. Now you will have to pay a fine for doing this important work, but you can complete this important work with only 1000 rupees penalty. Let’s know what are the rules?

After the ITR deadline is over, you will now have to pay a penalty for filing ITR returns. According to the rules of the Income Tax Department, the amount of penalty has been fixed at Rs 1,000 for income of Rs 5 lakh or less. Whereas, if your income is more than 5 lakhs then the amount of penalty will be Rs 5,000. If the return is not filed after the last date before December 31, 2022, then this penalty will be doubled. That is, you will have to pay Rs 10,000 instead of Rs 5,000.

1000 fine in this case According to Section 234F of Income Tax, Rs 5,000 will have to be paid as penalty for filing ITR after the last date of filing return. However, if the total income of the person does not exceed Rs 5 lakh, then this work can be completed with a penalty of only Rs 1000. On the other hand, if the total income of a person does not exceed the basic exemption limit under the tax regime chosen by him, then he will be exempted from any penalty while filing belated ITR.

Required to Verify

ITR Out of the ITRs filed so far, more than 3 crore Income Tax Returns are in the process of getting verified. It is very important to verify this to get the refund without any interruption. If your mobile number and PAN number are linked with Aadhaar, then this work can be accomplished using Aadhaar based one-time password (OTP).

Speed ​​up in ITR filing on the last day For the assessment year 2022-23, 5 crore 82 lakh 88 thousand 962 people have filed Income Tax Return so far. According to the information given on the Twitter handle of the Income Tax Department, 67,97,067 ITRs were filed in a day till 11 pm on July 31, the last date for filing returns. 4,50,013 returns were filed in just one hour between 10 and 11 pm.