Income Tax Department Update: If you fall under the purview of filing income tax returns, then this news is going to prove to be very useful. Now, just less than one and a half days are left to file income tax for the financial year 2024 and 2025. In such a situation, taxpayers are being given a big warning that they should not trust the misleading advice being circulated online that people with income less than Rs 12 lakh are exempted from filing returns.
A few days ago, big information was shared through a post on LinkedIn. Certified financial planner and personal finance expert Ritesh Sabharwal has termed this notion as dangerously wrong. What big information he has shared, you can know in the article below.
The specialist has a lot of big information.
Expert Sabharwal said that the amount of Rs 12 lakh is not an exemption, but an exemption. It will be applicable only from 2025 and 2026. The exemption limit for the current year is fixed at only Rs 7 lakh. If your income is more than Rs 3 lakh annually, then it will be necessary to file an ITR.
Along with this, for the financial year 2024 and 2025, any person with income more than Rs 3 lakh will be required to file ITR. If, for some reason, you do not file ITR by September 15, then you will have to pay a fine of Rs 5000. Missing the deadline of September 15 can lead to a penalty of up to Rs 5,000, unnecessary stress and a notice from the Income Tax Department.
Filing ITR is necessary. ry
According to industry experts, filing ITR on time can be avoided. This also ensures compliance for future loans, credit card approval or government benefits. H,e often provides proof of filing. If someone’s income is less than Rs 12 lakh, then by filing ITR, you can avoid a penalty and unnecessary complications.