New Delhi, December 24: If you have not filed your income tax return (ITR) yet, it is a time to file, if you want to save your self from paying a hefty penalty. As the last date of filing belated ITR is around the corner. Actually, the deadline to file ITR was August 31, but the government set another belated deadline, missing on which you will have to pay a penalty of Rs 10,000.
So, before ringing in the New Year, it is high time to save money and file ITR. But you must be thinking if you miss out on this deadline, does that mean, you are no more eligible to file your ITR? The answer is no.
The government, in an order to enable everyone to file ITR, had basically set three deadlines. And filing after August 31 and on or before December 31 will attract a penalty of Rs 5000. And this is the deadline we are talking about. If you fail to file your ITR before or on December 31, even then you need not worry. As the last deadline to file ITR set by the government is between January 1 and before or on March 31, 2020, but the condition here is that you will have to shell out whooping Rs 10,000 as a penalty.
But there is another section irrespective of missing deadlines they need not pay any late fine.
Experts are of this opinion that if your gross total income does not exceed the basic exemption limit and if you are filing belated ITR return then there is good news for you as you need not pay any penalty.
Currently, the basic exemption limit for resident individuals below the age of 60 years is Rs 2.5 lakh. For senior citizens aged 60 years and above but below 80 years, income up to Rs 3 lakh is exempted from tax. For super senior citizens that are of age 80 years and above, the basic exemption limit is up to Rs 5 lakh.
There are multiple ITR forms ranging from 1 to 7. And you are supposed to fill those forms after determining the segment and category you fall in. And according to which you have to file your ITR with that specific form.