ITR filing: Who don't need to pay late fee for filing tax return after due date?
The deadline for filing FY20202-21 income tax returns (ITR) was December 31, 2021. Individuals who have not yet submitted their ITR will be charged a late fee if they file one late. If you have taxable income of more than Rs 5 lakh, you'll have to pay a penalty of Rs 5,000 if you file your ITR after the deadline. For people having taxable income less than Rs 5,00,000, the penalty is Rs 1,000. However, some people can file their taxes after the deadline and avoid paying a penalty. People with gross total income below the basic exemption limit are free from paying a late charge if they file their ITR after the deadline. The basic exemption limit that an individual is entitled to is determined by the tax regime. The baseline exemption ceiling under the new regime, where there are no common exemptions, is Rs 2.5 lakh, regardless of age. Meanwhile, under the previous income tax system, the baseline exemption level was determined by the individual's age.
It should be mentioned that under the previous tax regime, the basic exemption ceiling for residents under 60 years of age was Rs 2.5 lakh, while it was Rs 3 lakh for those over 60 but fewer than 80 years of age. Citizens over the age of 80 have a basic exemption ceiling of Rs 5 lakh. As a result, if these conditions apply to a person, he or she will be able to file an ITR.
