look news india
Income tax returns for the financial year 2023-24 and assessment year 2024-25 are required to be filed by 31 July 2024. If you file the return after this method then you will have to pay a penalty.
But there are some people who will not be charged any tax even after July 31, let us tell you about them.
If a person does not have any tax liability, then he will not have to pay any penalty for filing the return even after the last date. According to the old tax system, you do not have to pay any penalty on an annual income of Rs 2.50 lakh. Whereas for a person above 60 years of age, the limit is Rs 3 lakh.
Whereas for senior citizens above 80 years of age, there is a rebate of Rs 5 lakh.
According to the new tax system, the benefit of tax exemption is available on income of Rs 3 lakh.
