PENALTY ON LATE FILING OF INCOME TAX RETURN

The last date for filing an income tax return (ITR) is July 31, 2024, for FY 2023-24 (AY 2024-25). If the ITR filing deadline is missed, then he/she will have to pay a penalty at the time of filing a belated ITR.

As per income tax laws, not everyone is required to pay a late filing fee for filing ITR after the expiry of the deadline. If a person whose gross total income does not exceed the basic exemption limit, files a belated ITR, then he/she will not be liable to pay a penalty for late filing.

"There will be no late filing fees to be levied as mentioned under section 234F on the ITR filed after the deadline if the gross total income does not exceed the basic exemption limit. Gross total income as mentioned in section 139(1) refers to the total income before taking into account the deductions under section 80C to 80U under the Act,

As per current tax laws, the basic tax exemption limit applicable to an individual depends on the tax regime chosen by him/her. If an individual opts for the new tax regime, then the basic exemption limit will be Rs 2.5 lakh irrespective of his/her age.

However, if an individual opts for the old tax regime, then the basic exemption limit depends on the age of the person. 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 (those above the age of 80 years), the basic exemption limit is up to Rs 5 lakh.

Note: From AY 2024-25, there is no concept of INR 10,000 penalty. Now the maximum penalty under section 234F is INR 5000 only.

Belated ITR filing last date for AY 2024-25: The last date to file the belated ITR for AY 2024-25 is 31 December 2024. 

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