August 31 was the last day to file Income tax returns. Those who miss the deadline may face financial penalties
On filing ITR after August 31, the income tax department may levy a penalty of upto Rs Rs 10,000. However, if the income of any taxpayer is below taxable limit then they will not have to pay any fine if they file ITR after the deadline.
The deadline to file income tax returns was extended by the Income Tax Department from July 31 to August 31.
If a person earning between Rs 2.5 lakh and 5 lakh files ITR after August 31, a penalty of upto Rs 5000 will be incurred. But a delay beyond December 31 will invite a penalty of upto Rs 10,000.
Those earning more than Rs 5 lakh per annum will have to be extra careful as they will have to shell out Rs 10,000 if they miss August 31 deadline to pay ITR.
Income segment of those earning more than Rs 25 lakh per annum invites harsher punishment. People in this segment may be imprisoned for 6-7 months if they fail to abide by August 31 deadline.
Taxpayers below 60 years with a total income up to Rs 2.5 lakh are exempted from tax while senior citizens above 60 years, but less than 80 years with income up to Rs 3 lakh are exempted from tax. Senior citizens aged 80 years and above with income of Rs 5 lakh per annum are exempted from tax.
There are different types forms for various taxpayers in which the individuals are required to file their returns - ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.