New update for crores of people! No penalty for filing ITR after July 31, know details

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Income Tax Return Last Date: July 31 has been fixed as the last date for filing Income Tax Return (ITR Filing) by the Income Tax Department. According to the data released by the Income Tax Department, till July 23, more than 4 crore people have filed ITR.

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It was also informed by the department that this time refund has been issued to 80 lakh people so far. It has already been clarified by the government that this time there will be no change in the last date of income tax return. However, under a rule of Income Tax, penalty will not have to be paid even after filing ITR after 31 July.

Website related to e-filing slow!

It is being said on behalf of the people who file ITR that the website related to e-filing is already working slow. On the other hand, income tax payers are constantly being made aware by the Income Tax Department. It was told by the department that to avoid any kind of penalty, file ITR on time. However, in some cases, ITR can be filed without penalty even after the last date.

Relief will be available on income less than the exemption limit

Income tax experts say that under Section 234F (234F) of Income Tax, if the total income of a person during the financial year (Total Income in FY) is less than the basic exemption limit, then it will not make any difference to file ITR late. Simply put, if your total income in the financial year 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.

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