income tax returns ITR: The due date for filing income tax return (ITR) for the financial year 2020-21 has passed on December 31. In such a situation, those who have not filed ITR yet will have to pay a late fee. However, there are some people who can file ITR even after the due date without any penalty.
Till 2021, if the taxpayer missed the ITI filing deadline, he would have to pay a maximum penalty of Rs 10,000.
However, with effect from FY21 (Assessment Year 2021-22), the penalty is Rs 5,000.
Who will not have to pay penalty for missing the deadline?
According to income tax laws, people with gross income below the basic exemption limit will not have to pay penalty for late filing of ITR.
The basic exemption limit on an individual will depend on which tax regime he has opted for. In the new regime, where none of the exemptions are applicable, the basic exemption limit will be Rs 2.5 lakh.
However, in the old income tax regime, the basic exemption limit will depend on the age of an individual.
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Keep in mind that in the old tax regime, the basic exemption limit is Rs 2.5 lakh for those below 60 years of age and Rs 3 lakh for those above 60 years but below 80 years of age. Whereas for those above 80 years of age, the basic exemption limit is Rs 5 lakh.
If these conditions are applicable, then such person will not have to pay any penalty for filing ITR after the deadline.
Terms apply
However, there are two exceptions for those falling under the Basic Exemption Limit. It is mandatory for some people to file income tax even if their gross income is less than the basic exemption limit.
For example, people covered under the seventh provision of section 139(1) will have to pay late fees even if their gross income is less than the basic exemption limit.
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1) Persons who have deposited an amount of Rs 1 crore or more in one or more of their bank accounts in a bank or co-operative bank.
2) Such people who have spent more than 2 lakh rupees on their own or any person’s going abroad, then they also fall in this category.
3) Such people who have spent more than Rs 1 lakh on electricity consumption, then they also fall in this category.
The second exception is taxpayers who hold foreign assets such as stocks of a foreign company. In simple words, a person whose earning is less than the basic income limit, but he holds foreign assets, then he will have to pay a penalty for filing ITR after the deadline.
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