ITR Filing: The last date for filing Income Tax Return (ITR) for the financial year 2021-22 is July 31, 2022. In such a situation, if you miss the deadline to file ITR, then a penalty of Rs 10,000 has to be paid. However, not everyone has to pay this penalty. According to the Income Tax Act, if your annual income does not exceed the income tax exemption limit, then there will be no penalty for late filing of ITR. Under the new regime, the basic income tax exemption limit is Rs 2.5 lakh. There is no age limit in this. At the same time, in the old tax rule, the basic exemption limit is Rs 2.5 lakh for people below 60 years of age, Rs 3 lakh for taxpayers in the age group of 60 to 80 years and Rs 5 lakh for those above 80 years of age.

No late fee under section 234F

According to tax experts, if the annual income does not exceed the basic exemption limit, then no late fee under section 234F is to be paid on ITR filed after the deadline. As per the current tax laws, the basic tax exemption limit applicable to an individual depends on the tax regime chosen by him. If a person opts for the new tax regime, the basic exemption limit will be Rs 2.5 lakh, irrespective of his age.

Some exceptions to the rule

1. If a person has deposited Rs 1 crore or more in one or more accounts with any bank or co-operative bank, then he has to file a return.
2. If a person has spent 2 lakh or more on foreign travel. This rule will also be applicable when money has been spent by another person on foreign travel, then his income will have to be filed even if his income is included in the exemption.
3. A person who has spent one lakh or more on electricity consumption is required to file a return.
4. If a taxpayer is the owner of a foreign asset, such as a stockholder of a foreign company, he is also required to file a return.

Latest Business News