The last date for documenting annual expense forms (ITR) for FY 2020-21 was on December 31, 2021. The singular citizens who have not yet recorded their ITR should pay a late charge at the hour of documenting a late ITR. Of this, more than 46.11 lakh ITRs were documented on the last date or December 31 alone. Almost 5.89 crore Income Tax Returns (ITRs) have been documented on the new e-recording entryway of the Income Tax Department as of 31st December 2021, the stretched out due date, the Central Board of Direct Taxes (CBDT) said in an assertion.
The citizens should take note that the people with available pay above Rs 5 lakh should suffer a consequence of Rs 5,000 for recording ITR after the due date. On either side, the punishment sum is Rs 1,000 for those with available pay underneath Rs 5,00,000. Be that as it may, there are a few people who can record their personal expenses without suffering any consequence even after the due date. According to the personal expense laws, individuals with gross absolute pay beneath the essential exclusion cutoff won't need to pay a late charge for recording ITR past the due date.
Also in the old annual assessment system, the fundamental exclusion cutoff would rely upon the age of the singular citizen. The citizens should take note that in the old duty system, the fundamental exclusion limit for people under 60 years is Rs 2.5 lakh and it is Rs 3 lakh for people over 60 years yet under 80 years. Be that as it may, the fundamental exception limit for individuals over 80 years old is Rs 5 lakh.
These people fall under the seventh stipulation to Section 139(1):
The people who have stored a sum or total of the sums surpassing Rs 1 crore in at least one current record are kept up with a financial organization or a co-usable bank.
The people who have brought about use of a sum or total of the sums surpassing Rs 2 lakh for himself or some other individual for movement to a far-off country.
The people who have caused the use of a sum or total of the sums surpassing Rs 1 lakh towards utilization of power.
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