No extension for ITR filing. What happens if you file it after last day

On Sunday, Income Tax The department through its Twitter account said that 19,53,581 ITRs have been filed as of 1pm today and 4,67,902 ITRs have been filed in the last hour.

Until July 30, more than 5.10 crore ITR has been submitted. Over 57.51 lakh ITR was filed on Saturday. The department said, “remember to submit your application, if not already submitted.

Currently, there are seven ITR forms, however, these vary depending on the type of taxpayer and their source of income. These forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.

ITR form 1 (Sahaj) and ITR form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by an individual earning up to 50 lakh and the recipient of income from salary, property a house / other sources (interest, etc.). On the same line, Sugam is filed by individuals, Hindu Undivided Families (HUFs) and corporations (other than a Limited Liability Partnership (LLP)) with gross income up to 50,000 and income from business and profession calculated according to the provisions of the law on flat tax.

Furthermore, individuals and HUFs with no business or occupation income (and not eligible to file Sahaj) can file ITR-2 while those with business or occupational income can file ITR Form 3. Non-individuals, HUFs and corporations i.e. partnerships companies, LLPs, etc can file Form ITR 5. Companies can file Form ITR 6. trusts, political parties, charities, etc. claim that income is exempt under the ITR-7 Fileable Act.

If you do not file the ITR on time, then you will have to pay a certain amount as a penalty to the department. Under section 234F of the IT Act, there are A fine of 5,000 if a refund is provided on or before December 31 of the audit year. While the punishment will 10,000 in any other case. It should be noted that if the person’s total income does not exceed 5 lakh – then the fee payable under this section shall not exceed 1,000.

The basic exemption limit is the total annual income of 2.5 lakh for individuals under 60 years old, while the exemption limit is income 3 lakh for individuals over 60 years old but under 80 years old and exemption limit is 50,000 for individuals over 80 years old.

Here’s why you should file your ITR under Clear, an income tax service provider:

– If you want to claim income tax refund from department.

– If you have earned or invested in foreign assets during the financial year.

– If you need to apply for a visa or a loan.

– If the taxpayer is a company or an enterprise, it does not discriminate between profit and loss.

According to Clear, taxpayers should file their ITR even if they fall under the exemption and fall into any one of the categories mentioned below.

– Sent total amount more than 1 crore in one or more checking bank accounts.

– More than total spending has been incurred 2 lakh for travel abroad for yourself or any other person.

– Has incurred a total expenditure of more than 1 thousand for power consumption.

– If the tax withheld at source (TDS) / tax collected at source (TCS) exceeds 25,000 in the previous year. In the case of elderly people (over 60 years old), this limit is 50,000.

– In case you are an entrepreneur and your total sales, sales or total sales exceed 60,000 in the previous year.

– You are responsible for filing a tax return if you are engaged in an occupation and your gross income is more 10 thousand in the previous year.

First post