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New Update for Taxpayers: These taxpayers don’t pay fine for late ITR filing: Details here

New Update for Taxpayers: The deadline for filing ITR has ended. There has been a demand by many to extend the ITR deadline. The government did not accept this demand made due to disturbances and havoc of rain. Whereas, those who have missed the deadline can file their ITR with penalty. New Update for Taxpayers: […]

Edited By : Divya Richa | Updated: Aug 3, 2023 12:57 IST
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New Update for Taxpayers

New Update for Taxpayers: The deadline for filing ITR has ended. There has been a demand by many to extend the ITR deadline. The government did not accept this demand made due to disturbances and havoc of rain. Whereas, those who have missed the deadline can file their ITR with penalty.

New Update for Taxpayers: The last date for filing ITR has ended on July 31 and the government of India has cleared its status regarding increasing the limit of 80 C. According to Finance ministry, there is no plan to increase the exemption limit under the Section 80C of the Income tax act, 1961. Presently, annual investment up to Rs 1.5 lakh in various tax saving schemes such as home loan and life insurance policy is applicable for tax deduction under the section 80C.

Now, taxpayers who have not filed their ITR within the deadline can file ITR till December 31 by paying a penalty. However, few people are exempted from paying any penalty even for late filing of ITR.

What to do if ITR deadline is missed?

If you earned over Rs 5 Lakh per annum, you can file your ITR before December 31, 2023 for assessment year 2023-24 or financial year 2022-23. You will be charged Rs 5,000 for late ITR filling. If your income is less than Rs 5lakh, then you will be fined Rs 1000 for late filing.  ITR filed after the deadline is called belated ITR.

People who exempted from late fine

Those whose annual income is less than the basic exemption limit can file their ITR even after the deadline without paying any penalty.

Maximum ITR filing from this state

The number of Income Tax Returns (ITR) filed for FY2023 has crossed 6.77 crore. This is 16.1% more than the total ITR filed for FY 2022-23 till July 31, 2022 (5.83 crore). The maximum number of ITRs were filed from Gujarat. 14,02,636 filings were done in Gujarat. It is followed by Maharashtra with 18,52,754 filings and Uttar Pradesh with 11,92,012 filings.

Whereas, senior citizens above the age of 75 years are not liable to file ITR if their only source of income is their pension.

First published on: Aug 03, 2023 12:57 PM IST

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