ITR filing: Who don't need to pay late fee for filing tax return after due date?

People with taxable income above Rs 5 lakh will have to pay a penalty of Rs 5,000 for filing ITR after the due date. The penalty amount is Rs 1,000 for those with taxable income below Rs 5,00,000. However, there are some people who will be able to file their ITR without a late fee even after the due date.

The due date for filing income tax returns (ITR) for FY20202-21 ended on December 31, 2021. Individuals who have not yet filed their ITR will have to pay a late fee at the time of filing a belated ITR.

People with taxable income above Rs 5 lakh will have to pay a penalty of Rs 5,000 for filing ITR after the due date. The penalty amount is Rs 1,000 for those with taxable income below Rs 5,00,000.