People with taxable income above Rs 5 lakh will have to pay a penalty of Rs 5,000 for filing ITR after the due date. The penalty amount is Rs 1,000 for those with taxable income below Rs 5,00,000. However, there are some people who will be able to file their ITR without a late fee even after the due date.

The due date for filing income tax returns (ITR) for FY20202-21 ended on December 31, 2021. Individuals who have not yet filed their ITR will have to pay a late fee at the time of filing a belated ITR.

People with taxable income above Rs 5 lakh will have to pay a penalty of Rs 5,000 for filing ITR after the due date. The penalty amount is Rs 1,000 for those with taxable income below Rs 5,00,000.

But there are some individuals who can file their income tax without a penalty even after the due date.

WHO CAN FILE ITR AFTER DUE DATE WITHOUT LATE FEE?

Income tax laws state that people with gross total income below the basic exemption limit will not have to pay a late fee for filing ITR beyond the due date.

The basic exemption limit applicable to an individual depends on the tax regime. Under the new regime, where there are no common exemptions, the basic exemption limit is Rs 2.5 lakh irrespective of age.

It may be noted that under the old tax regime, the basic exemption limit for resident individuals below 60 years is Rs 2.5 lakh and it is Rs 3 lakh for individuals above 60 years but below 80 years. The basic exemption limit for citizens above the age of 80 years is Rs 5 lakh.

Therefore, if these terms apply to an individual, he or she will be able to file ITR without a late fee even after the due date.

CONDITIONS APPLY

However, there are certain exceptions even for individuals who fit the basic exemption limit criteria. Certain individuals are required to mandatorily file ITR even if the gross total income is lower than the basic exemption limit.

For instance, individuals who fall under the seventh proviso of Section 139(1) will have to pay a late fee even if their gross total income is lower than the basic exemption limit.

1) Those who have deposited an amount or aggregate of amounts exceeding Rs 1 crore or more in one or more accounts maintained with a bank or co-operative bank fall under the above-mentioned category.

2) Those who have incurred an expenditure of an amount or aggregate of amounts exceeding Rs 2 lakh for them or any other person for travel to a foreign country also fall under the category

3) Those who have incurred expenditure of an amount or aggregate of amounts exceeding Rs 1 lakh towards electricity consumption fall under the category as well.

The other exception is when a taxpayer owns foreign assets such as stocks of a foreign company. Simply put, if your gross total income is below the basic income threshold but you have income from foreign assets, then you are required to pay a penalty for late ITR filing.

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The Institute of Chartered Accountants of India (ICAI) has now enabled the provision for generating Unique Document Identification Number (UDIN) in bulk for Certificates in UDIN Portal.
 
“Using this facility now the members of ICAI will be able to generate UDIN in bulk (uptill 300 UDINs) for various types of Certificates in one go. It can be done through uploading of excel file.”, ICAI made this announcement on 17th June, 2020.

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The magnitude of the figure that was declared by the Government as the Covid economic relief was what excited the citizens of this country. A whopping INR 20 lakh crores it is; figure which many of us won’t be able to even count.

Perhaps, two previous proclamations might have excited the public like this one has. Once on the news that Modiji has announced getting back the black money into India and distributing INR 15 lakhs to each citizen’s Bank account; and secondly on the news that Rahulji has announced he would make a machine that would turn potatoes into gold.

Pun apart, economic relief package to the tune of 10% of the nation’s GDP was never witnessed in the history of this country and that was what got the eyebrows raised.

There was an honest expectation among many, including me that a package aimed for the poor would strive to offer immediate relief given that they have borne the brunt of the lockdown-related distress for over so many days now.

Unfortunately, at a time when the measures should have been focused on providing immediate relief to the poorer segments of society, it quite obviously seems skewed more towards the long-term horizon.

Let us analyse a few proposals on this yardstick:

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