These people can pay tax without penalty after the deadline, check the penalty here

ITR Filing Deadline: People kept waiting for the deadline to be extended for filing Income Tax Return (ITR) for income earned in the financial year 2023-24. But this did not happen and 31st July passed. Now taxpayers will have to pay Belated Income Tax (Belated ITR). For this they will also have to pay a penalty. But there are some people who are not worried about the deadline passing. These people can still file ITR without penalty. Know about them here-

First know the last date of belated ITR

The last date for filing belated ITR is December 31. But the department does not pay interest to those who file belated ITR. Please note that on timely filing of ITR, the taxpayer gets interest at the rate of 0.5% per month on the refund amount.

How much fine will have to be paid

If the annual income of an individual taxpayer is more than Rs 5 lakh, then he will have to pay a late fee of up to Rs 5,000 for filing ITR after the due date. At the same time, if the annual income is less than Rs 5 lakh, then he will have to pay Rs 1,000 as a late fee.

These people can still file ITR without penalty

For traders or individuals whose accounts need to be audited, the deadline for filing ITR is different. These people can file ITR till 31 October. They are given an additional 3 months by the Income Tax Department so that they can get their accounts audited by a recognized CA and then file their ITR.

They are allowed to file ITR till November 30 without penalty

Exemption has also been given in filing ITR for certain types of transactions. If a business needs to file transfer pricing report in its international transactions, then such businessmen are given additional time to file ITR. Such people can file their returns till November 30. Apart from international transactions, such exemption has also been given in certain types of domestic transactions.