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.

The post ITR Filing Latest News : Penalty not imposed for filling ITR even after the last date! Learn How first appeared on Rightsofemployees.com.

It is most important that the taxpayer fills the correct ITR form for filing Income Tax Return. It depends on the residential status of the taxpayer, income received from different sources in a financial year. Most of the salaried taxpayers are required to file Income Tax Return through ITR Form No-1. But many taxpayers have to file Income Tax Return by filling ITR-2.

Who can use ITR-2 Form 
Taxpayers who do not receive income from any business or profession can file returns through ITR-2 form. Let us have a look at how many ways taxpayers earning income will have to file income tax return through ITR-2 form.

1. Salary Income
2. House Property Income (if there is more than one house property)
3. Capital Gains
4. Income from other sources like lottery, casino, horse racing is included.
5. Income from foreign assets
6. TDS has been deducted for cash payment.
7. Income Tax Deferred on Employee Stock Option Plan
8. Agricultural Income is more than Rs.5,000
9. If the taxpayer has invested in an unlisted company or is a director

How to File Return
Taxpayers have to fill ITR-2 form online. All the information is pre-filled in ITR Form-2. In which personal information, salary income details, capital gains, dividend income, interest income are included.

The post ITR Filing Latest News: How to file ITR form 2 with salary income capital gain income for (FY) 2021 22, know details here first appeared on Rightsofemployees.com.