Income Tax News: As we all know that the last date to file ITR from the government was 31st July 2023 and after this date till 31st December, those who file tax return will be fined Rs 5000. Have to give, but now good news has come for you.
Income Tax Update: There is great news for those who file income tax return. As we all know that the last date to file ITR from the government side was 31st July 2023 and after this date till 31st December those who file tax return will have to pay a fine of Rs 5000, but Now good news has come for you. Now many people will not have to pay any penalty for filing ITR even after 31st July. Now a big decision has been taken by the Income Tax Department.
Will not have to pay the fine
Let us tell you that due to floods in many states, people were not able to file their returns and even after repeated requests to extend the date, the date was not extended by the government. Meanwhile, now the Income Tax Department has told that you will not have to pay any penalty for filing ITR.
No need to pay late fee
If you are also left out of filing ITR and are planning to file belated ITR with penalty at this time, then before that know all the information. According to the provisions of the Income Tax Act, it is not necessary for everyone to pay late fee for filing ITR after the deadline is over.
Who do not have to pay fine?
Let us tell you that if the gross total income of a person does not exceed the basic exemption limit, then he will not have to pay penalty while filing late ITR. This exemption has been mentioned in section 234F of the Income Tax Act.
Will get discount up to 5 lakhs
Let us tell you that under the new tax regime of income tax, the personal basic exemption you get is Rs 3 lakh. At the same time, in the old tax regime, the basic exemption limit may vary according to age. In this, people up to 60 years get a rebate of Rs 2.5 lakh and people between 60 to 80 years get a rebate of up to Rs 3 lakh. Those above 80 years of age get a rebate of up to 5 lakhs.
