Filing ITR 2021-22- This income tax RULE allows filing ITR without any penalty even after the last date | personal finance news

New Delhi- The last date to file an income tax return is July 31. Those who file income tax returns after July 31 must pay a fine. However, tax filers may not know that they can file an ITR without filing any penalty in some cases.

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According to tax experts, you will not be charged any penalty for filing an ITR after July 31 in the event that your total income in the fiscal year is no more than 2.5 lakhs under the F 234 Income Tax Act. In simple terms, anyone whose total income in the fiscal year is not more than 2.5 lakhs can pay the ITR even after the last date without any penalty. However, there is a problem here that you should know about. It also depends on the tax system you have chosen.

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If a person opts for the old tax system, the relaxation is Rs 2.5 lakh for those under 60. Similarly, for those aged between 60 and 80, the exemption is Rs 3 lakh. Likewise, the basic exemption limit for those over 80 years of age is 5 lakhs.

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Most taxpayers who filed income tax returns for the 2021-22 fiscal year have their revenue out. The Central Board of Direct Taxes (CBDT) said in the data released in the past days that during the period from April 2022 to August 31, 2022, Rs 1.96 crore was recovered to income taxpayers of Rs 61,252 crore in the form of personal tax refund. Apart from this, the total income tax refund of Rs 1.14 thousand crore has been made by the department.