The last date to furnish ITR towards FY 2021-22 finished on 31st July 2022. People who do not furnish their Income tax return yet would need to furnish a late fee during the time of furnishing the belated Income tax return.
An individual who comes under the taxable income exceeding Rs 5 lakh would need to furnish the penalty of Rs 5000 to furnish the ITR post-last date. The penalty amount is Rs 1000 towards those whose taxable income is less than Rs 5,00,000.
However, there are various people who would furnish their income tax excluding any penalty even after the last date gets expired.
Who Could Furnish ITR Post to the Last Date Excluding Any Late Fee?
The income tax laws mentioned that the people whose gross total income is less than the basic exemption limit would not be needed to furnish the late fee under section 234F to file the ITR when the last date gets expired.
The basic exemption limit is subjected to apply towards the person who relied on the tax regime. Under the latest regime in which there are no mutual privileges then the basic exemption limit is Rs 2.5 lakh whatever will be the age. Apart from that beneath the former income tax regime, the basic exemption limit relied on the individual age.
Beneath the former tax regime the basic exemption limit towards the resident people whose age is below 60 years is Rs 2.5 lakh and for the people whose age exceeds 60 years and below 80 years for those, it is Rs 3 lakh.
Hence if all these criteria match the person he or she would be enabled to furnish the ITR excluding a late fee despite the last date being expired.
Applicable Situations
But there are various peculiarities towards those people who get included in the basic exemption limit exceptions. Some people are needed to essentially furnish the income tax return despite whether gross income is less than the basic threshold. The taxpayers can also file ITR freely by Gen IT software without any technical error.
For example when the people who come beneath the seventh provision of Section 139(1) are urged to furnish the late fee even if their gross income is less than the basic exemption limit.
- Those who have submitted the amount or average amount of more than Rs 1 crore or exceeding in one or more than one accounts maintained within the bank or cooperative bank come beneath the mentioned above segment.
- People who retain an expenditure of an amount or the average amount more than Rs 2 lakh for them or any additional individual for the travel to the foreign country indeed come beneath the class.
- Those who have retained the expenditure of the amount or average amount of more than Rs 1 lakh for the consumption of electricity come beneath the class also.
The additional peculiarity is when the assessee owns foreign assets like the stocks of foreign firms. In simple terms, if your gross income is less than the basic limit however you pose an income via foreign assets then you are needed to furnish the penalty towards the late income tax return filing.
