New Delhi: The Income Tax Department is reminding citizens on a daily basis to file their income tax returns (ITR) by July 31 to avoid penalty, but the ITR can be filed without penalty even after the last date.
Taxpayers say the e-filing of the ITR is already working slowly that may cause a delay in the payment. Moreover, under Section 234F (234F) of Income Tax Act, if the total income of a person during the financial year (Total Income in FY) is less than the basic exemption limit, then it will not make any difference if ITR is filed late.
No penalty even if ITR is filed after July 31
Simply put, if your total income in the financial year 2022-23 is ₹2.5 lakh or less as per the old regime, then this rule will apply to you. Under this rule, you will not have to pay a penalty for filing income tax after July 31. The ITR filed on your behalf will be called Zero (0) ITR.
More than 4 crore people have filed ITR till July 23 and this time the refund has been issued to 80 lakh people so far.
