Income Tax Return Alert: As per the guidelines from the CBDT, if an individual taxpayer misses the income tax return (ITR) filing deadline — December 31, 2021 — for this year, then they will have to pay late fee and file the belated ITR. However, there are certain individual taxpayers who can file their ITR without paying a penalty even after the expiry of the deadline. Check here who are those taxpayers.Also Read - Modi Government Amends Old Policy On Suspension of Family Pension | All You Need To Know
According to the tax laws, not everyone is required to pay penalty for filing ITR after the expiry of the deadline. As per a report by Economic Times, if an individual taxpayer whose gross total income does not exceed the basic exemption limit, files a belated ITR, then he/she will not have to pay penalty on late filing. Also Read - Income Tax Return Filing: Taxpayers May Need To Pay Interest For ITR; Details Here
As per latest tax laws, the basic tax exemption limit applicable to an individual depends on the tax regime chosen by him/her. However, if the individual taxpayer choses for the new tax regime, then basic exemption limit will be Rs 2.5 lakh irrespective of his/her age. On the other hand, if an individual opts for the old tax regime, then basic exemption limit depends on the age of the person. Also Read - PAN-Aadhaar Card Linking Deadline Extended Till March 2022 | Here’s How to Link it Online
At present, the basic exemption limit for resident individuals below the age of 60 years is Rs 2.5 lakh and for the senior citizens aged 60 years and above but below 80 years, income up to Rs 3 lakh is exempted from income tax purview. For super senior citizens (those above the age of 80 years), the basic exemption limit is up to Rs 5 lakh.
These individuals fall under seventh proviso to Section 139(1):
- The individuals who have deposited an amount or aggregate of the amounts exceeding Rs 1 crore in one or more current accounts maintained with a banking company or a co-operative bank.
- The individuals who have incurred an expenditure of an amount or aggregate of the amounts exceeding Rs 2 lakh for himself or any other person for travel to a foreign country.
- The individuals who have incurred expenditure of an amount or aggregate of the amounts exceeding Rs 1 lakh rupees towards consumption of electricity.
If you want to file ITR due to any of the conditions mentioned above, then ensure that you file your tax return before the deadline, else late fee will be levied even if your gross total income is below the taxable limit.
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