What happens to belated ITR

Taxpayers who are unable to file ITR by the due date as per income tax rules are given an opportunity to file belated income tax return under section 139(4) of the Income Tax Act 1961. However, for this, the Income Tax Department charges fees or penalties based on the annual income of the taxpayers.

What is the fee to be paid for belated ITR?

As per the Income Tax rules, the process of filing belated ITR is almost the same as that of normal ITR. Under Section 234F of the Income Tax Act 1961, taxpayers who miss the deadline are given an opportunity to file belated ITR by charging penalty. Taxpayers with annual income up to Rs 5 lakh have to pay a fee of Rs 1,000, while taxpayers with annual income above Rs 5 lakh have to pay a penalty of Rs 5,000.

What is the deadline for belated ITR?

The Income Tax Department has appealed to the missed taxpayers to file belated ITR. According to income tax rules, taxpayers are given 6 months time from the last ITR filing date of each financial year. Accordingly, taxpayers can file belated ITR till 31 December 2023 for the financial year 2022-23.

How to file belated return?

The procedure for filing belated income tax return is similar to filing tax return on or before the due date. The main difference would be that while filling the applicable ITR form, you would have to select “Return filed under section 139(4)” in the drop-down menu of the relevant box in the form. Also remember that if you -24) then you need to file ITR applicable for FY 2022-23 only and not for any previous or subsequent financial year.

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Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

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If your salary package is 10 lakh rupees and you pay a large part of your earnings in the form of tax, then be careful. Perhaps you would think that there is no way to save tax, in such a situation, if it is right to pay tax, then you are wrong. Not only this, even if your salary package is 10.5 lakh rupees, even then you will not have to pay 1 rupee as tax. Let’s know the complete maths…

On a salary of 10.5 lakhs, you fall in the slab of 30 percent tax. Because 30 percent income tax is liable on annual income above 10 lakhs.

This is the complete maths
1. If your salary is 10.5 lakh rupees, then first of all subtract 50 thousand given by the government as standard deduction. In this way your taxable income is now Rs 10 lakh.

2. Now you can claim Rs 1.5 lakh under 80C. In this, you can claim children’s tuition fee, PPF, LIC, EPF, Mutual Fund (ELSS), principal of home loan etc. In this way, your taxable income here has been reduced to Rs 8.5 lakh.

3. You have to invest 50 thousand under National Pension System (NPS) under 80CCD(1B) to make tax zero (0) on salary of 10.5 lakhs. In this way your taxable salary has come down to Rs 8 lakh.

4. Now under Section 24B of Income Tax, you can claim tax exemption on home loan interest of Rs 2 lakh. In this way, now your taxable income has come down to Rs 6 lakh.

5. Under Section 80D of Income Tax, you can claim a premium of 25 thousand rupees medical health insurance for your family (wife and children). Apart from this, senior citizens can claim 50 thousand for health insurance premium paid for parents. After claiming total health insurance premium of 75 thousand, your taxable income has come down to 5.25 lakhs.

6. Now you have to donate 25 thousand rupees to any organization or trust to bring your taxable income to 5 lakhs. You can claim it under Section 80G of Income Tax. On donating 25 thousand, your taxable income came down to Rs 5 lakh.

You will have to pay zero tax
, now your taxable income has been reduced to Rs 5 lakh. On the income of 2.5 to 5 lakh rupees, at the rate of 5 percent, your tax becomes Rs 12,500. But there is an exemption from the government on this. In this case your tax liability becomes zero.

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Huh. For this, the government has made an arrangement of Rs 1,000 crore. According to media reports, under the revised pay scale, the Himachal Pradesh government can give the first installment of arrears of Rs 50 to 75 thousand to the third and fourth class personnel and 30 to 50 thousand rupees in the first installment to the first and second class officers.

The state government is preparing to give the first installment of arrears to the employees in the second week of September. There is a possibility that a decision can be taken on giving the second installment only next month and an announcement can also be made on increasing the dearness allowance by 3 percent. Here, depending on the level of employees, it can be 10 to 18% of the total arrears.

After getting information from the General Administration Department, the Finance Department has started the calculation regarding the arrears payment. On Tuesday, the officials of the Finance Department in the State Secretariat were busy in the calculation of arrears.

It is discussed that instead of officers, first employees will be given more arrears. A final decision will be taken in this regard within a day or two. If media reports are to be believed, then pensioners will also be assessed for arrears payment, all pensioners will be given arrears by adding them to the pension. The arrears to the employees and pensioners are to be paid from the year 2016. In this regard, notification of arrears payment will be issued by the Finance Department soon.

This will benefit 2.25 lakh employees and 1.90 lakh pensioners. According to media reports, the Finance Department will send a proposal of two options to the state government. Under the first option, the recommendation to give more arrears to the third and fourth class personnel than the officers, and in the second option, the favor of giving the full amount of arrears to these two categories of personnel at one go has also been favored.

Now the state government has to take a final decision regarding how much arrears should be given to which category.

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4 lakh employees of the state will get its benefit. With this, it has been decided to give the first installment of arrears of revised pay scale to the employees and pensioners in September. For this, the government has made an arrangement of Rs 1,000 crore. CM Jai Ram Thakur has announced this on August 15.

It is expected that the employees and pensioners can get 30 thousand to 80 thousand rupees in the first installment. Depending on the level of employees, it can be 10 to 18% of the total arrears.

Class IV employees can get 30 thousand rupees and third class employees 40 thousand rupees and above employees and officers class can get 70 to 80 thousand rupees as the first installment. Here, after getting information from the General Administration Department, the Finance Department has started the calculation regarding the arrear payment.

The arrear payment to the pensioners will also be assessed, adding all the pensioners to the arrears pension. The arrears to the employees and pensioners are to be paid from the year 2016. The notification of arrears payment will be issued soon by the Finance Department after obtaining formal approval from the Chief Minister.

This will benefit 2.25 lakh employees and 1.90 lakh pensioners. The Himachal Pradesh cabinet also approved revision in the rates, eligibility and ceiling of house building advance for state government employees. The maximum limit of HBA will now be 25 times the basic pay.

In this, the condition of purchase of new construction or new house and flat up to a maximum of Rs 15 lakh and the ability to repay the amount will be applicable. With this, any government employee will be able to build a house and buy a house or flat. The same cabinet decided to make a provision of minimum Rs 55000 and maximum Rs 1.50 lakh as relief to the family of the employee in case of death.

A minimum amount of Rs. 35000 and maximum of Rs. 1 lakh will be provided for the next of kin of contract employees. During the meeting, it was also decided to fill 10 posts of teaching and non-teaching staff in Government College, Thural, District Kangra. The cabinet decided to fill up 60 posts of non-teaching staff on contract basis in Dr. Yashwant Singh Parmar Horticulture and Forestry University Nauni in Solan district.

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