If a person whose gross income does not exceed the basic tax exemption limit, files late returns, there is no penalty for late filing. Therefore, no other late filing fee will be charged from such taxpayers under section 234F. Under section 139(1), total gross income is the total income before the deduction specified in sections 80C to 80U of the Act. As far as the base exemption limit is concerned, it depends on the tax regime chosen, so if the taxpayer has opted for a new tax regime, the base exemption limit will be Rs. 2.5 lakhs irrespective of his age. However, if a person opts for the old tax regime, the extent of Aadhaar exemption depends on the age of the individual. Currently, the Aadhaar exemption limit for residents below 60 years of age is Rs 2.5 million. For senior citizens below 60 years but below 80 years of age Rs. 3 lakh, and for senior citizen above 80, Rs. 5 lakhs. However, there is an exception here that if a taxpayer fulfills any of the criteria specified in section 139(1) in the seventh section, then the taxpayer will have to file ITR for the financial year 2021-22, otherwise the charges under section 234F will be charged. Will go ,
In the next two days, you can be fined up to Rs 5,000. Yes, these 3 disadvantages can happen due to late submission of ITR.
1. The last date to file ITR is July 31, after which you may have to pay late fees or a fine of up to Rs 1,000-5,000.
2. A penalty of 1% per month of the outstanding amount will be levied and should be paid till you file ITR.
3. If you are eligible for a refund, interest under section 244A will also not be available on that refund. So go ahead and file your ITR by 31st July.
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