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.

The post Big update of finance ministry: Under this rule, you will not have to pay penalty for filing income tax after 31st July first appeared on Rightsofemployees.com.

Income Tax Expert tried to decode the messages issued by the Income Tax Department and some relief things are also coming out of it. However, the full emphasis of the experts is on the fact that taxpayers should file their returns before the stipulated time i.e. 31st July. The Income Tax Department has also appealed to the taxpayers in their recent tweet to deposit the tax early to avoid late fees and fines.

what did the income tax department say

The Income Tax Department has once again appealed to the taxpayers to file their returns on time by tweeting on July 28. The department said that till July 28, a total of 4.09 crore taxpayers have filed their returns, whereas in the previous assessment year, a total of 5.7 crore audited ITRs had been filed. In such a situation, taxpayers should file their returns soon instead of speculating about extending the deadline. On July 28, more than 36 lakh ITRs were filed.

Over 4.09 crore ITRs filed till 28th July, 2022 & more than 36 lakh ITRs filed on 28th July, 2022 itself.

The due date to file ITR for AY 2022-23 is 31st July, 2022.

Please file your ITR now, if not filed as yet. Avoid late fee.

Over 4.09 crore ITRs filed till 28th July, 2022 & more than 36 lakh ITRs filed on 28th July, 2022 itself.
The due date to file ITR for AY 2022-23 is 31st July, 2022.
Please file your ITR now, if not filed as yet. Avoid late fee.
Pl visit: https://t.co/GYvO3n9wMf#ITR #FileNow pic.twitter.com/p0ABBuoZ6r

— Income Tax India (@IncomeTaxIndia) July 29, 2022

Why experts are telling positive signs

Tax experts say that in the assessment year 2021-22, a total of 6.68 crore returns were filed, out of which the number of ITRs audited till September 2021 was 5.70 crore. If we look at the number of total ITRs filed till July 28, then it is now 1.7 crore behind from last year. Therefore, to fill this big gap, the government can increase the deadline. Apart from this, there is no other reason for which the deadline for filing returns should be extended.

Other experts say that if we look at the number of returns filed on July 28, it was 36 lakhs and there were still three days left. This means that the number of return filers by the deadline will easily cross 5 crores. If we look at the figures of the last day of last year, about 50 lakh taxpayers had filed returns. This means that the total number of ITRs in this also can go up to 5.50 crores. If this happens, then the chances of extending the deadline will be less.

The Income Tax Department may consider increasing its deadline on a single basis, when there is a major technical flaw on the portal, but till now the portal is running well and except in a few cases, there has been no specific report of technical problem. In such a situation, speculating about increasing the deadline seems far-fetched.

The post ITR Update: Waiting for the extension of ITR deadline, listen to the experts first appeared on Rightsofemployees.com.