Haven’t filed ITR yet? Know how much the fine will be
Mumbai : If you have not filed your ITR yet, then this news is very important for you. From now on ITR defaulters will be fined. Those who have not filed ITR will have to pay this penalty. In the financial year 2022-23 till July 31, more than 5.64 crore people have filed ITR. Till 8 pm, 54 lakh people have filed ITR.
There was no indication that the date of ITR would be extended. This was also announced by the government. Now from August 1, those filing ITR will have to pay the fine. Who will have to pay this fine? Let us know who will get exemption from this.
Those filing ITR after the deadline i.e. after 1st August will be fined. For filing returns after the deadline, a fee of Rs 1,000 will be levied for those earning Rs 5 lakh or less.
For income above Rs 5 lakh, the late fee will be Rs 5,000. This amount can also go up to Rs 10,000. Also, if you have filed wrong ITR, you can get hit.
According to income tax experts, under section 234F, there is no difference in late filing of ITR if the total income of an individual in a financial year does not exceed the basic exemption limit. That is, by 2021-22, if someone’s income is 2.5 lakh or less, then after July 31, you will not have to pay any penalty for paying income tax. The ITR filed by you will be called Zero (0) ITR.