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Filing ITR after due date? Here’s when you don’t have to pay late fees

July 31, the deadline for submitting Income Tax Returns (ITRs) for financial year 2021-22 and assessment year 2022-23 is approaching. While majority of taxpayers are likely to have already filed their returns, others will do so in days to come. However, there are those who will submit their returns after the due date, which means that they will have to pay a late fee while filing belated ITRs ( 5,000 for taxable income of more than 5 lakh, and 1,000 for taxable income less than 5 lakh).

Also Read | Income Tax Returns: How to file ITR online? Here’s a step-by-step guide

Despite this, there are some cases in which individuals are exempted from paying a late while submitting ITRs beyond the due date.

Who can file ITR after due date but not pay late fee?

Under Income Tax laws, this rule is applicable for those whose gross total income is below the basic exemption limit, which is determined under the tax regime chosen by a taxpayer.

Under the new regime, the basic exemption limit is 2.5 lakh, irrespective of a taxpayer’s age. Under the old regime, it is 2.5 lakh for people aged below 60, 3 lakh for age group 60-80, and 5 lakh for citizens above 80 years of age.

Also Read | Not filed IT returns yet? Here are 5 benefits of filing them before deadline

Exceptions to this rule

However, just like every other rule, there are exceptions to this rule as well. Under Section 139(1), a taxpayer, even if their gross total income is less than the basic exemption limit, will have to submit their returns on time, or pay late fee on filing after the deadline. These exceptions are:

(1.) If a person has deposited 1 crore or more in one or more accounts maintained with a bank or co-operative bank.

(2.) Those who have incurred an of expenditure of 2 lakh or more on a trip abroad; this is also applicable if the foreign visit was undertaken by someone else.

(3) For an expenditure of 1 lakh or more towards electricity consumption.

(4.) If a taxpayer owns foreign assets such as stocks in a non-Indian company.


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