ITR Filing 2024 Deadline Gets Over In Just 2 Days: Check Rules That Allow You To File ITR Without Penalty Even After Last Date | Personal Finance News
Although there is no official word yet on the extension of ITR filing deadline, tax payers can do so by paying penalty. Having said that, there would not be in all cases. And it all depends on where an individual’s ITR case falls.
ITR Filing 2024: Income-tax rules that allow you to file ITR without penalty even after the last date.
1. First, if your gross total income does not exceed the basic exemption limit, there won’t be any penalty for late ITR filing. There is one catch though. If you have income from foreign sources, this benefit will not be available.
2. Second, if you have income only from agriculture and no other income, there won’t be any penalty for late filing of ITR.
3. Third, if your income is exempt from taxation and there is no other taxable income, you need not worry about penalty for late ITR filing.
ITR Filing 2024: Common Penalty For Late Filing Of ITR
You will have to pay a penalty of Rs 1,000 as late fee charges, if your salary is below Rs five lakh per annum while for annual income over Rs 5 lakh, the penalty is Rs 5,000.