Imagine, you are going to file Income Tax Return (ITR) for the first time. The online process has become easy, yet newcomers feel a little intimidated. Don’t worry. This guide will explain you step by step, like a story, how to fill ITR, how to get a copy of it and what mistakes to avoid. Remember, every Indian citizen must file his ITR, whether the income is from salary, business, property sale, shares or interest-dividend.

Deadline for filing ITR

Last day to pay no penalty: CA Santosh Mishra says that the last date to file ITR is 15 September 2025. If you file ITR by this date (for financial year 2024-25 / assessment year 2025-26), then you will not have to pay any late penalty.

What happens if you file late?

Mishra says, “Suppose for some reason you file ITR after September 15, but before December 31, 2025, in such a case you will have to pay a fine. This fine can start from ₹ 1,000 and go up to ₹ 10,000. It will depend on how much you have delayed and what your taxable income is. That is, delay can be costly.”

Let us now know the easy way to file ITR online

1. Log in to the website

First of all, go to the official website of Income Tax Department (incometax.gov.in). If you are already registered, log in by entering your user ID and password.

2. If you are new then register like this

If you are filing for the first time, you will have to register first. For this, you will have to provide your PAN, Aadhaar number and some other important information, like you do while opening a new bank account.

3. Select Menu

After logging in, you will see the ‘e-File’ menu. Go to it and click on ‘ Income Tax Returns’ and then select ‘File Income Tax Return’. Now your ITR filing journey has begun.

4. Select AY and mode

You will now be asked for the Assessment Year (AY). Since we are filing the return for FY 2024-25, select AY 2025-26. Then, select your preferred mode of filing.

5. Status and ITR Form

On the next page, you will have to specify which category you fall under. Are you an individual, Hindu Undivided Family (HUF) or any other? Select your status and press the ‘Continue’ button. Then, choose the right ITR form for you (like ITR-1, ITR-2, etc.) and also decide whether you want to remain in the old tax slab (old regime) or the new one (new regime).

The post ITR Filing 2025: Last Date, Penalty & Step-by-Step Guide first appeared on Rightsofemployees.com.

It is mandatory for all taxpayers to file Income Tax Return (ITR). Those who miss the last date for filing ITR have to pay a penalty later. Income tax return filing for the financial year 2024-25 has started. You can also avoid penalty by filing your return before the last date.

Last date for filing ITR 2025

The last date for filing ITI for the financial year 2024-25 and assessment year 2025-26 is 31 July 2025. This date is mandatory for those taxpayers whose accounts are not required to be audited. These include salaried persons, small businessmen etc. Apart from this, for such professionals or businesses whose accounts are required to be audited, the last date for filing income tax return is 31 October 2025.

Penalty for not filing ITR on time

If you are a salaried person or run a small business, then you must file your income tax return by 31 July 2025. If you miss the last date for filing ITR, then you will have to pay a penalty of up to Rs 5,000 under section 234F of the Income Tax Act, 1961. For those whose income is less than Rs 5 lakh, the amount of deposit is limited to Rs 1000.

Loss due to late filing of income tax return

If you delay filing income tax returns, you will have to face many disadvantages.
1. You may have to pay 1% monthly interest on tax under section 234A.
2. Those who do not file income tax returns on time do not have the benefit of adjusting losses in the next years.
3. Filing a late return may also delay getting a refund.

Benefits of filing income tax returns on time

If you file income tax return on time, then it will give you many benefits such as –

1. By filing income tax return on time, you will avoid a penalty of up to Rs 5000.

2. The sooner you file income tax return, the sooner the refund is processed.

The post ITR Filing Deadline: File ITR by 31 July 2025 or else you will have to pay a penalty of Rs 5,000 first appeared on Rightsofemployees.com.

Filing ITR is very important for every person, whether they are income tax payers or not. It tells you how much you have earned in the last financial year. Filing ITR on time is good for you in many ways. Firstly, if you file it on time, you will not be charged any penalty.

This is the reason why the Income Tax Department keeps reminding people to file ITR on time. This time, like last year, you can file ITR till 31 July 2024. But what is the penalty for delay? Penalty is imposed by the Income Tax Department for filing ITR. But this penalty varies according to your income.

Also Read: Who is responsible for wrong income tax return filing CA or taxpayers

Individuals earning more than Rs 5 lakh in the financial year 2023-24 may have to pay a fine of up to Rs 5,000 for filing returns late.

For taxpayers having income of Rs 5 lakh or less in a financial year, the maximum penalty for late filing of ITR is limited to Rs 1,000.

People whose taxable income is less than the income tax exemption limit and they file ITR only to get a refund. Such people do not have to pay a penalty for filing the return late. Taxable income means the total income before deductions-

Filing income tax returns is mandatory for you. If you do not follow the rules, you may be fined and you may have to face legal consequences. Apart from this, filing ITR can help you avoid future complications. By filing returns on time, you may be eligible for specific tax benefits or refund.

The post ITR Filing: How much penalty will be charged for filing ITR after July 31? Here is the complete calculation first appeared on Rightsofemployees.com.

According to the information received, DGCA has imposed a fine of Rs 10 lakh on Air India for failure to comply with the norms related to the facilities provided to the passengers.

After inspecting the airlines at Delhi, Kochi and Bengaluru airports, the regulator found that Air India was not complying with the relevant Civil Aviation Requirement (CAR) provisions.

Later on November 3, a show cause notice was issued to Air India.

DGCA said in a release on Wednesday that based on Air India’s response to the show cause notice, it was found that the airline did not comply with the provisions of the CAR.

It said these relate to not providing hotel accommodation for passengers affected by delayed flights, not training some of their ground personnel as per the conditions and not paying compensation to international business class passengers who were put on unused seats. Was forced to travel.

The post Air India fined: DGCA imposes financial penalty of Rs 10 lakh on Air India first appeared on Rightsofemployees.com.

How much is the fine?

According to Section 234F of the Income Tax Act, 1961, if you file a late ITR, a fine of up to Rs 5,000 will have to be paid to those earning more than Rs 5 lakh in a financial year, while those earning less than Rs 5 lakh will have to pay a fine of Rs 1,000. Will have to pay the fine. On the other hand, if you have any tax liability, interest will also have to be paid on it at the rate of one percent per month till the date of submission of ITR.

If someone wants to revise his return, then he does not have to pay any kind of penalty. However, if the tax officer detects any discrepancy, a penalty has to be paid.

There is no penalty for updating ITR . However, if any additional tax is created, the taxpayers have to deposit it under Section 140B of the Income Tax Act.

How to file?

Late ITR is filed like normal ITR. For this you have to go to the official website of Income Tax. You can also submit the revised return by visiting this website. Revised return has to be filed before the end of the assessment year.

To update the income tax return, you need to fill Form ITR-U. After this, you want to update the return of the assessment year. can update it.

The post Belated vs Revised vs Updated ITR: How much is the penalty? Know how you can deposit first appeared on Rightsofemployees.com.

The Income Tax Department gives taxpayers the option to file their ITR even after the deadline, just for this they have to pay a penalty according to their income. Here we are giving you all the information regarding belated ITR.

What is Belated ITR?

When you do not file your ITR by the deadline set for the assessment year, i.e. file ITR after the deadline, then you have to file belated ITR. It is clear from the name of billet that it was filed late. The Income Tax Department gives you the facility to file ITR from the belated ITR term.

Penalty has to be paid for belated ITR

You have to pay late fee for filing belated ITR. Late ITR filing attracts a penalty of up to Rs 5,000. If your income is less than 5 lakhs annually, then you will have to pay a fine of Rs 1,000, on income above this it is Rs 5,000.

The burden of interest will also increase

You should also know that when you do not pay the tax, then interest continues to accrue on this unpaid tax. For the number of months the ITR is not filed, the interest will be increased at the rate of 1 percent per month for the same number of months. When you file ITR before the due date, you get interest at the rate of 0.5% per month on the refund from April 1 till the refund is issued. But on late filing this interest is calculated from the day of ITR filing. You cannot carry forward any loss on belated refunds.

The post Belated ITR Filing AY 2023-24: What is the last date for belated ITR, how much will be the penalty? Know full details first appeared on Rightsofemployees.com.

Under income tax rules, if a salaried person lives in a rented house, then without the PAN of the landlord, he does not have to pay any tax on rent up to Rs 1 lakh. But many people are resorting to fake rent bills to take advantage of it.

This is the reason that this time an increase in the number of notices being sent to taxpayers is also being seen. Details are also being sought from the tax department regarding the proof of deposit of rent in the notice.

The post ITR Filing: This mistake will be huge in filing tax return, 200% penalty may be imposed first appeared on Rightsofemployees.com.

Have to pay penalty

ITR taxpayers of FY 2022-23 and Assessment Year 2023-24 can file even after July 31, but in such a situation they will have to pay penalty. This penalty depends on the income of the taxpayer. According to income tax rules, if your annual income is less than Rs 5 lakh, then you will have to pay a penalty of Rs 1,000 for filing ITR after July 31. On the other hand, if you file ITR on income of more than Rs 5 lakh, you will have to pay a penalty of Rs 5,000.

May be with penalty

It is worth noting that those people who are liable to pay tax are required to file ITR. In case of not doing so, the Income Tax Department can also take legal action against you. For tax evasion, you can be jailed for three months to two years along with income tax notice. It is worth noting that if a taxpayer evades tax of more than Rs 25 lakh, then he can be imprisoned for up to 7 years.

Must do e-verification after filing return

Significantly, after filing ITR on the Income Tax website, it is also necessary to do e-verification. Without e-verification, your ITR cannot be considered complete. For this, the Income Tax Department gives 120 days to taxpayers, in which you can easily do e-verification through your Aadhaar. To do e-verification, first you login to the e-portal of the IT department.

Here you will see the option of e-verify Return, click on it. Next enter the PAN number, assessment year and enter the mobile number. After this enter the 6 number OTP received on your mobile and submit it. If you are doing e-verification within 30 to 120 days of filing ITR, then give the reason behind it. After this your e-verification will be completed. It is worth noting that without e-verification, your ITR filing is not considered complete.

The post ITR Late Penalty: After August 1, 2023, penalty ranging from Rs 1,000 to Rs 5,000 may have to be paid first appeared on Rightsofemployees.com.

People earning more than Rs 3 lakh annually should file ITR. Corporate companies are also issuing Form-16 ahead of time to help their employees file ITR on time.

Currently, taxpayers will file returns for the income earned in the financial year 2022-23. By filing ITR, you declare your investments and earnings to the government. This time the last date for the ITR files to be filed has been set as 31 July 2023. In such a situation, taxpayers should start collecting all the documents related to ITR.

Do finish this important task and unwind this weekend.
The due date to file your #ITR for AY 2023-24 is 31st July, 2023.#FileNow and spend your weekend without any worry.
Pl visit https://t.co/GYvO3mStKf#ITD pic.twitter.com/ngLwU8Hzbi

— Income Tax India (@IncomeTaxIndia) July 15, 2023

Category wise last date for filing ITR

1. The last date for filing returns for individual taxpayers, HUF, AOP, BOI or those whose account books are not required to be audited is 31 July 2023.
2. The last date for filing ITR for businesses whose account books need to be audited is 31 October 2023.
3. Businesses that have international transactions or specific domestic transactions have been given the last date of 30 November 2023 for filing returns.
4. The last date for filing Revised ITR and belated return has been fixed as 31 December 2023.

ITR Late Fee and Penalty

If taxpayers file their return after the prescribed last date, then they will have to pay interest at the rate of 1% per month on the unpaid tax amount under section 234A. At the same time, under Section 234F, taxpayers will have to pay Rs 5,000 as late fee for missing the due date. On the other hand, if the total income of taxpayers is less than Rs 5 lakh, then this late fee will have to be paid Rs 1,000.

The post ITR FY 2022-23: Deadline announced for filing ITR for FY2022-23, penalty will be imposed on delay first appeared on Rightsofemployees.com.

People earning more than Rs 3 lakh annually should file ITR. Corporate companies are also issuing Form-16 ahead of time to help their employees file ITR on time.

Currently, taxpayers will file returns for the income earned in the financial year 2022-23. By filing ITR, you declare your investments and earnings to the government. This time the last date for the ITR files to be filed has been set as 31 July 2023. In such a situation, taxpayers should start collecting all the documents related to ITR.

Category wise last date for filing ITR

1. The last date for filing returns for individual taxpayers, HUF, AOP, BOI or those whose account books are not required to be audited is 31 July 2023.
2. The last date for filing ITR for businesses whose account books need to be audited is 31 October 2023.
3. Businesses that have international transactions or specific domestic transactions have been given the last date of 30 November 2023 for filing returns.
4. The last date for filing Revised ITR and belated return has been fixed as 31 December 2023.

ITR Late Fee and Penalty

If taxpayers file their return after the prescribed last date, then they will have to pay interest at the rate of 1% per month on the unpaid tax amount under section 234A. At the same time, under Section 234F, taxpayers will have to pay Rs 5,000 as late fee for missing the due date. On the other hand, if the total income of taxpayers is less than Rs 5 lakh, then this late fee will have to be paid Rs 1,000.

The post ITR FY 2022-23: Big news! Deadline announced for filing ITR for FY2022-23, penalty will be imposed on delay first appeared on Rightsofemployees.com.

People earning more than Rs 3 lakh annually should file ITR. Corporate companies are also issuing Form-16 ahead of time to help their employees file ITR on time.

Currently, taxpayers will file returns for the income earned in the financial year 2022-23. By filing ITR, you declare your investments and earnings to the government. This time the last date for the ITR files to be filed has been set as 31 July 2023. In such a situation, taxpayers should start collecting all the documents related to ITR.

Category wise last date for filing ITR

1. The last date for filing returns for individual taxpayers, HUF, AOP, BOI or those whose account books are not required to be audited is 31 July 2023.
2. The last date for filing ITR for businesses whose account books need to be audited is 31 October 2023.
3. Businesses that have international transactions or specific domestic transactions have been given the last date of 30 November 2023 for filing returns.
4. The last date for filing Revised ITR and belated return has been fixed as 31 December 2023.

ITR Late Fee and Penalty

If taxpayers file their return after the prescribed last date, then they will have to pay interest at the rate of 1% per month on the unpaid tax amount under section 234A. At the same time, under Section 234F, taxpayers will have to pay Rs 5,000 as late fee for missing the due date. On the other hand, if the total income of taxpayers is less than Rs 5 lakh, then this late fee will have to be paid Rs 1,000.

The post ITR Filing 2023: Income Tax Department announces deadline for filing ITR for FY2022-23, penalty will be imposed on delay first appeared on Rightsofemployees.com.

If you also have an account in any bank, then this is important news for you. The Reserve Bank of India (RBI) imposed a penalty of Rs 2.20 crore on public sector Indian Overseas Bank (IOB) for non-compliance with rules related to income recognition and other deficiencies in regulatory compliance.

violated the rules

This fine has been imposed for violation of the provisions of certain instructions of RBI. These include ‘Prudential Norms on Income Recognition, Asset Classification and Provisions relating to Advances etc. The RBI said the action is based on deficiencies in regulatory compliance and is not concerned with the validity of any transaction or agreement entered into by the bank with its customers.

The central bank informed

that the statutory inspection (ISE 2021) for the supervisory assessment of the bank was done by the RBI on March 31, 2021 with reference to its financial position. The Chennai-based bank failed to make the minimum mandatory transfer of an amount equal to 25 per cent of the declared profit for the year 2020-21 to its reserve fund.

Central Bank was fined last week

Earlier, RBI had also imposed heavy fine on Central Bank. The Reserve Bank of India said it had imposed a penalty of Rs 84.50 lakh on public sector Central Bank of India (CBI) for non-compliance with certain provisions of norms relating to fraud classification and reporting.

Why was the penalty imposed?

The Reserve Bank had conducted a statutory inspection for supervisory assessment of the bank’s financial position as on March 31, 2021. Scrutiny of the report revealed that the bank did not report the fraud to the RBI within seven days of the decision to declare the accounts of the Joint Forum of Lenders (JFL) as frauds. The bank charged its customers for SMS Alerts on a flat basis instead of actual usage basis.

The post RBi’s big action..! Now RBI imposed a penalty of Rs 2.20 crore on this bank, check details first appeared on Rightsofemployees.com.

The effect of this is that the RBI even canceled the licenses of some banks. Not only this, the central bank has also imposed heavy fines on some big banks. Co-operative banks are facing the maximum loss in the Reserve Bank’s action.

Reserve Bank also imposed penalty 114 times

The licenses of eight co-operative banks have been canceled by the RBI in the financial year 2022-23 ending on March 31. Reserve Bank has also imposed penalty 114 times on these banks for not following the rules. Let us tell you that banking service has expanded rapidly in rural areas through co-operative banks. But due to the irregularities coming to the fore in these banks, RBI had to take drastic steps.

Allegations of negligence in rules

Co-operative banks are facing interference from local leaders apart from dual regulation and weak finance. The Reserve Bank has started cracking down on co-operative banks, which are negligent in the rules. Permits of eight banks have been canceled in the last one year. Let us know which banks’ permits were canceled by RBI?

Licenses of these banks were canceled

1. Mudhol Co-operative Bank
2. Milath Co-Operative Bank
3. Shree Anand Co-Operative Bank
4. Rupee Co-operative Bank
5. Deccan Urban Co-operative Bank
6. Laxmi Co-operative Bank
7. Sewa Vikas Co-operative Bank
8. Babaji Date Mahila Urban Bank

The licenses of the banks mentioned above by the RBI were done due to insufficient capital, non-compliance with the rules of the Banking Regulation Act. Also canceled due to reasons like lack of future income possibilities. Co-operative banking sector is being monitored by RBI for the last several years. The central bank has canceled the licenses of 12 co-operative banks in the year 2021-22, 3 co-operative banks in 2020-21 and two co-operative banks in 2019-20.

The post RBI Canceled Bank License: Big news for These Bank Customers! RBI canceled the license of these 8 banks, will not be able to do transactions first appeared on Rightsofemployees.com.

This rule (Indian Railways Rules) has been made by the Railways itself. For this you have to contact TTE immediately after taking platform ticket. Then TTE will make ticket to your destination.

According to the railway rules, if you do not have a reservation and you have to go somewhere by train, then you can board the train only by taking Platform Ticket Rules. You can get tickets made very easily by going to the ticket checker.

According to the Railway Board, the officials have 2G SIMs installed in Point of Selling (POS) machines, due to which there is network problem in remote areas, but now you do not have to worry. 4G SIM facility is being started by the Railways for these machines, so you can make the payment easily.

Many times the passenger is not able to get a confirmed ticket or he does not get the ticket to his destination, in which case a heavy penalty is imposed by the Railways. Now you can also pay this penalty through card. Railways is connecting electronic devices with 4G to run them at uninterrupted speed.

Various facilities are provided by the Railways from time to time. If you have forgotten to take the train ticket, then after boarding the train, you can also make a ticket by paying through debit card. Along with this, you can also pay through cash or card.

The post Indian Railways: Now travel in train without ticket, TTE will not even impose penalty! first appeared on Rightsofemployees.com.

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.

ITR deadline will not increase
, it is clear from the statement of the Revenue Secretary that the deadline for filing income tax returns will not be extended. If you are not filing income tax return thinking that because the government can increase the deadline, then do not make such a mistake. Otherwise you may have to pay penalty for late filing of return. In a tweet by the Income Tax Department on July 20, 2022, it was told that more than 2 crore taxpayers have filed returns so far. The Income Tax Department has requested the taxpayers that if the return has not been filed yet, then file the return soon.

The deadline has increased in the last two years, in
fact, the last date for filing income tax returns for the last two assessment years 2020-21 and 2021-22 was July 31. But in 2020-21, due to the lockdown imposed due to Corona epidemic, the last date for filing income tax return was extended, then in 2021-22 due to difficulties in filing returns for taxpayers in the new income tax portal. The deadline was extended till December 2021. However, the possibility of extending the date of ITR filing by the Income Tax Department in the assessment year 2022-23 seems slim. So don’t delay in filing income tax return. However, 4 crore taxpayers are still yet to file their returns.

Penalty for Late Filing of
ITR But if the annual taxable income of the taxpayer is less than Rs 5 lakh, then penalty fee of Rs 1,000 will have to be paid.

The post IT Department Big News : Government will not extend the last date for filing ITR, otherwise… first appeared on Rightsofemployees.com.

ITR will be filed without penalty!

Meanwhile, it is being claimed in all the news that if you do not file ITR by July 31, then after that you will have to pay a penalty. But let us tell you that in some cases ITR can be filed even after the last date without penalty. Let us know the rules related to this.

Income

tax experts say that under section 234F of income tax, the total income of a person during the financial year does not exceed the basic exemption limit, then there is a reason to file ITR late. that does not matter.

Understand in simple

language, if you understand in simple language, then any person with income up to 2.5 lakhs, if he files income tax after July 31, then he will not have to pay any kind of penalty. However, it depends on the tax regime selected by you. The exemption limit for opting for the new tax regime is Rs 2.5 lakh, irrespective of his age.

Exemption on age and annual income

Similarly, if one selects the old tax regime, then for those below 60 years of age, this exemption is Rs 2.5 lakh. At the same time, income up to Rs 3 lakh for those who are 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.

The post ITR Filing Big Rules: There will be no penalty for late filing of ITR, know this rule related to income tax first appeared on Rightsofemployees.com.

However, there are some people who can file their ITR without paying the penalty even after the deadline for ITR filing is over. Let us know who are those people who can file ITR without paying the penalty.

As per the laws related to income tax, not everyone is required to pay late fee for filing ITR after the deadline is over. If a person whose gross total income does not exceed the basic exemption limit, then he will not have to pay penalty while filing ITR late. If the gross total income does not exceed the basic exemption limit, then no late fee is levied on ITR under section 234F.

what the law says

As per the current tax laws, the basic tax exemption limit applicable to an individual depends on the tax regime opted by him/her. If a person opts for the new tax regime, his basic exemption limit will be Rs 2.5 lakh, irrespective of age. However, if a person opts for the old tax regime, the basic exemption limit depends on the age of the individual. At present, the basic exemption limit for resident individual below 60 years of age is Rs 2.5 lakh. For senior citizens 60 years and above but below 80 years of age, income up to Rs 3 lakh is exempt from tax. The basic exemption limit for super senior citizens (above 80 years of age) is up to Rs 5 lakh.

Exceptions to the above rule

However, there are two exceptions to the rule mentioned above. The first exception to the rule requires filing of ITR for certain sections even if their gross total income does not exceed the basic exemption limit. If a person fulfills any of the conditions given in the seventh provision of section 139(1), then he will have to mandatorily file ITR for the financial year 2021-22. Failure to do so will attract charges under section 234F.

Persons covered under the seventh provision of section 139(1) –

• Persons who have deposited an amount or aggregate amount exceeding one crore rupees in one or more current accounts maintained with any banking company or co-operative bank, or
• who has spent for himself or any other person an amount or aggregate amount exceeding rupees two lakhs for travel to a foreign country, or
• Those who have spent an amount or total amount exceeding one lakh rupees for the consumption of electricity.

If you want to file ITR due to any of the above conditions, make sure you file your tax return before the deadline. Otherwise, you will have to pay a late fee, even if your gross total income is less than the taxable limit.

The post Income Tax Return: There is a penalty for late filing of ITR, but this penalty is not applicable on everyone, know what are the rules first appeared on Rightsofemployees.com.