If an individual has missed the deadline of July 31, 2023 to file their income tax return (ITR) for FY 2022-23, then he/she may still file a belated ITR by paying a penal fee. However if an individual s income is below the basic exemption limit then there is no penal fee for filing belated ITR.
Now that the deadline for income tax return (ITR) filing is over, you can only file a belated ITR by paying a penalty and interest on the income tax due amount. Nonetheless it is better to file a belated ITR than not filing any ITR, despite having a net taxable income.
If you have an net taxable income below Rs 5 lakh, then you are eligible for income tax rebate u/s 87A which will essentially make your tax liability nil. Nonetheless you should file ITR because every person whose income is above the basic exemption limit is mandated to do so.
The deadline to file income tax return (ITR) for individuals without audit is July 31, 2023 for FY 2022-23 (AY 2023-24). However a survey has found out that 14% of the tax filers won t be able to comply with this deadline. On top of that 27% people are still yet to file their ITR.
Are you willing to file your income tax return (ITR) by your own virtue? Then you may want to use co-browsing feature of the income tax department. It is an free of cost ITR filing assistance service offered by the income tax department.