Income Tax Return Update: There will be no penalty for filing ITR after July 31! new update arrived

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Income Tax Return Deadline 2023: Failure to file ITR by July 31 will result in loss of up to Rs 5,000, know how much penalty you will have to pay
Income Tax Return Deadline 2023: Failure to file ITR by July 31 will result in loss of up to Rs 5,000, know how much penalty you will have to pay

ITReturn Last Date: 31st July is the last date for filing ITR and the department has clearly refused to extend the last date. But hardly you know that there is such a rule under which penalty will not be levied even if you file ITR after July 31.

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Income Tax Return Last Date: According to the data released by the Income Tax Department, 3.4 crore people have filed income tax returns till 26 July. The last date for filing ITR on behalf of the department has been fixed as 31 July 2022. The process of ITR filing, which started from June 15, 2022, will continue for two more days (up to July 31). However, under a rule of income tax, you will not have to pay penalty even if you file ITR after July 31. Let us know what is this rule?

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Website related to e-filing slowed down because of this!

People trying to file ITR before July 31, it is being said that the website related to e-filing has become slow. On the other hand, the Income Tax Department is making income tax payers aware. It was told by the department that to avoid any kind of penalty, file ITR on time. But in some cases ITR can be filed even after the last date without penalty.

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Income Tax New Update

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. 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 any penalty for filing income tax after July 31. The ITR to be filed on your behalf will be called Zero (0) ITR.

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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.

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