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.

The post New update for crores of people! No penalty for filing ITR after July 31, know details first appeared on Rightsofemployees.com.

Actually, day by day people are becoming aware about filing income tax. This time the income tax returns filed in June are about 12 percent more than the same period last year.

Can file even after 31st July

Let us tell you that the last date for the process of ITR filing is 31 July. However, according to the rules of Income Tax, you will not have to pay penalty for filing ITR even after 31st July. Let’s know what is this rule? Income tax payers are constantly being made aware by the Income Tax Department. It is told by the department that to avoid any kind of penalty, file ITR on time. But hardly you know that in some cases you can file ITR without penalty even after the last date.

Income tax experts say that under Section 234F of Income Tax, if the total income of a person during the financial year (Total Income in FY) does not exceed the basic exemption limit, then there is no difference in filing ITR late. Doesn’t have to In simple language, if your total income till the financial year 2021-22 is Rs 2.5 lakh or less, then you will not have to pay penalty for filing income tax after 31 July. The ITR filed on your behalf will be called Zero (0) ITR.

Exemption on age and annual income

Similarly, if someone selects the old tax regime, then this exemption is Rs 2.5 lakh for those below 60 years of age. At the same time, the income of up to three lakh rupees for those 60 years or more and less than 80 years is tax free. Similarly, the basic exemption limit for those above 80 years of age is 5 lakhs. Under the new tax regime, income up to Rs 7 lakh is tax free.

The post Income Tax New Rules: These people will not have to pay penalty for filing ITR even after July 31! Know the latest updates first appeared on Rightsofemployees.com.