Tax return alert: In accordance with the CBDT guidelines, if an individual does not meet the filing deadline for the income tax return (ITR) – December 31, 2021 – for that year, then they will have to pay a late fee and file the late ITR. . However, some individual taxpayers can file their ITRs without paying a penalty even after the deadline expires. Find out who these taxpayers are here.Read also – The Modi government changes the old policy on the suspension of family pensions | All you need to know
According to tax laws, not everyone is required to pay a penalty for filing an ITR after the deadline expires. According to an Economic Times report, if a taxpayer whose total gross income does not exceed the basic exemption limit files a late ITR, they will not have to pay a late filing penalty. Read also – Filing of the income tax return: taxpayers may have to pay interest for the RTI; Details here
According to the latest tax laws, the basic tax exemption ceiling applicable to an individual depends on the tax regime chosen by the latter. However, if the individual taxpayer chooses the new tax regime, the basic exemption limit will be Rs 2.5 lakh regardless of age. On the other hand, if an individual opts for the old tax system, the ceiling of the basic exemption depends on the age of the person. Also Read – PAN-Aadhaar Card Binding Deadline Extended To March 2022 | Here’s how to link it online
At present, the basic exemption limit for residents under 60 is Rs 2.5 lakh and for those aged 60 and over but under 80, incomes up to Rs 3 lakh are exempt from income tax. For super seniors (those over 80), the basic exemption limit is up to Rs 5 lakh.
These persons fall under the seventh provision of Article 139 (1):
- Individuals who have deposited an amount or a total of amounts exceeding Rs 1 crore in one or more checking accounts held with a banking company or cooperative bank.
- People who have incurred an expense in the amount or all of the amounts exceeding Rs 2 lakh for himself or any other person for a trip to a foreign country.
- People who have incurred expenses in the amount or total of amounts exceeding Rs 1 lakh rupees for the consumption of electricity.
If you want to file an ITR due to any of the conditions mentioned above, be sure to file your tax return before the deadline, otherwise a late fee will be charged even if your total gross income is less than the taxable limit.