If you fall under this category, you will be exempted from penalty even if you have not filed your IT returns before August 31. Here are complete details.
August 31 is the last date to file IT returns without penalty. But there is one category that will be exempted from penalty even of it doesn't file it within the deadline of tomorrow (August 31).
Before making sure if you fall under that category, it is important to know the tax exemption limits fixed for the financial year 2018-2019.
- If you are below 60 years you do not have to pay tax if your income is below Rs 2.5 lakh annually.
- You are exempted from paying tax if you are between 60 and 80 years and your annual income is below Rs 3 lakh.
- If you are an octogenarian, i.e 80 years or above that and your income is below Rs five lakh per annum.
Are they exempted from filing IT returns?
It is not mandatory to file IT returns for those who come under the above said slabs and their income (not only salary but also other income like house rent, agricultural activities, capital gains, shares or any other source of income) is less than that is mentioned above.
Thus, individuals whose gross total income does not exceed the basic limit, will not be charged with any penalty if they file their IT returns after August 31. This has been specified under section 234F of the IT Act.
However, it is advised for every person getting income to file IT Returns to keep a record of financial activities and also to avail various benefits like availing loan from banks etc.
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Last Updated Aug 30, 2019, 2:06 PM IST