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What happens when you miss ITR filing deadline of 31 July? Here’s what all you need to know

By: Divya Thearia

Picture Credit: Internet

July 30, 2022 (New Delhi): According to the data released by the Income Tax Department, till July 26, 3.4 crore people have filed income tax returns. The last date for filing ITR on behalf of the department has been fixed as 31 July 2022. The process of ITR filing, which started from June 15, 2022, will continue for two more days (up to July 31). However, under a rule of income tax, you will not have to pay penalty even if you file ITR after July 31. Let us know what is this rule?

Picture Credit: Internet

Website related to e-filing slowed down!
People trying to file ITR before July 31, it is being said that the website related to e-filing has become slow. On the other hand, the Income Tax Department is making income tax payers aware. It was told by the department that to avoid any kind of penalty, file ITR on time. But in some cases ITR can be filed even after the last date without penalty.

Picture Credit: Internet

Income tax experts say that under section 234F of Income Tax, if the total income in the financial year of a person does not exceed the basic exemption limit, then there is no difference in filing ITR late. In simple language, if your total income till the financial year 2021-22
2.5 lakh or less, then you will not have to pay any penalty for filing income tax after July 31. The ITR filed on your behalf will be called Zero (0) ITR.

Age and annual income exemption
Similarly, if someone selects the old tax regime, then for those who are below 60 years of age, this exemption is Rs 2.5 lakh. At the same time, income up to Rs 3 lakh for those who are 60 years or more and less than 80 years is tax free. Similarly, the basic exemption limit for those above 80 years of age is 5 lakhs.

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