Big Relief for Raxpayers: Today (Monday, July 31) is the last date for filing Income Tax Return (ITR) for the financial year 2022-23 for salaried individuals and those dealing with non-audit cases.
According to the Income Tax Department, over 5.83 crore returns were filed for the financial year 2022-23 till 1 pm on July 30. Now this figure would have crossed 6 crores.
The Income Tax Department is constantly urging taxpayers to file their returns at the earliest to avoid the last minute and penalty for late filing of income tax.
Income Tax Department can also take action against you for not filing ITR or filing with wrong information. However, on one hand there is concern among people regarding ITR. On the other hand, there is no need for millions of people to take tension.
New tax system implemented, did not have to pay tax
Actually, the Modi government had increased the exemption in the income tax limit in the new tax system. Releasing the budget of 2023, it was said that if a taxpayer files income tax return under the new tax regime, he will get exemption on annual income up to Rs 7 lakh. This means that if someone earns up to Rs 7 lakh in a year, then he will not have to pay any tax.
Apart from this, the extension of standard deduction benefit in the new tax regime will also benefit the salaried class and pensioners. Every salaried person earning Rs.15.5 lakh or more will thus get a benefit of Rs.52,500/-.
At present, the standard deduction of Rs 50,000/- for salaried individuals and deduction of up to Rs 15,000/- for family pension is available only under the old regime.
