Big relief to taxpayers, these people will not have to pay tax

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Income Tax Return Filing: If you are also employed and have not yet filed your Income Tax Return (ITR), then you have 21 days. If you have not filed your tax return (ITR Filing) till 31st July, then you will have to pay a heavy fine. Giving information, the Income Tax Department has said that for the assessment year 2023-24, more than two crore income tax returns have been filed so far.

2 crore returns filed till 11th July

In a notification released on Twitter on Tuesday, the Income Tax Department said that two crore income tax returns have been filed till July 11 for the assessment year 2023-24. Last year, till July 20, two crore income tax returns were filed.

Income Tax Department tweeted,

The Income Tax Department has said in its tweet that with the help of taxpayers, we have achieved this figure two crore nine days earlier than last year. The tax department has asked those who have not yet filed returns for assessment year 2023-24, to file returns at the earliest to avoid last minute rush.

These people do not have to pay tax.

Under the new tax regime, income up to Rs 7 lakh is tax free. Similarly, if someone chooses the old tax system, then this exemption is up to Rs 2.5 lakh for those below 60 years of age and Rs 3 lakh for those above 60 years of age.

File ITR before 31st July

This time you can file income tax return till 31 July 2023. After this, if income tax return is filed, then penalty can be imposed. Income tax payers are constantly being made aware by the Income Tax Department. It has been told by the department that to avoid any kind of fine, file ITR on time.

who do not have to pay the fine

Let us tell you that if your total income till the financial year 2021-22 is Rs 2.5 lakh or less, then you will not have to pay penalty for filing income tax after July 31. The ITR filed by you will be called Zero (0) ITR.

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