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News INCOME TAX

  • Jul 23, 2022
  • ITR filing penalty: These taxpayers don't have to pay late fee for missing deadline

    The last date for filing an income tax return (ITR) is July 31, 2022, for FY 2021-22 (AY 2022-23). If the ITR filing deadline is missed, then he/she will have to pay a penalty at the time of filing a belated ITR. (Click here to find out how much penalty one will have to pay for missing the ITR filing deadline.) However, there are certain individuals who can file their ITR without paying a penalty even after the expiry of the ITR filing deadline.

    Let us take a look at who will not have to face penal consequences for missing the ITR filing deadline.

    Who will not have to pay penalty?
    As per income tax laws, not everyone is required to pay a late filing fee for filing ITR after the expiry of the deadline. If a person whose gross total income does not exceed the basic exemption limit, files a belated ITR, then he/she will not be liable to pay a penalty for late filing.