The penalty for filing belated ITR can go up to Rs 5,000 depending upon your earning slab.
The deadline for filing the income tax return (ITR) for individual taxpayers for the assessment year 2022-23 was July 31. The Income Tax department has received 5.83 crores filing, for AY 22-23, including 72.42 lakh ITRs on the last day.
However, those who have missed the due date can still file their tax return till December 31 with a late fee. The penalty for filing belated ITR can go up to Rs 5,000 depending upon your earning slab.
If the assessee’s total income is within the basic exemption limit, no penalty will be levied even on late ITR filing. As per the new tax regime, the basic exemption limit for an individual taxpayer is ₹ 2.5 lakh.
Individuals who have an annual income of up to Rs 5 lakh will have to pay a late fee of Rs 1,000 on filing ITRs after July 31. For those with annual income over the slab of Rs 5 lakh, the late fee goes up to Rs 5,000.
Those filing their return after August 1, may also not that the income tax department has also reduced the window for e-verification or hard copy submission of the ITR-V, post-filing taxpayer returns to 30 days.
Until now, a 120 window was given to e-verify the ITR or send the ITR-V through the post after filing an Income Tax Return (ITR) from the date of the uploading of the ITR.
Individuals who file their ITRs after August 1 will have their filing verified within 30 days.
