Should I file return if my income is low?
Can I go without filing a nil return? Filing income tax returns is mandatory for those whose total income is more than Rs. 2,50,000. We recommend that you file your income tax return, even though it is not mandatory if total income isn’t over Rs.
Do I need to file income tax return ITR if my annual income is below ₹ 2.5 lakh of basic exemption limit?
One has to file an ITR in case aggregate of all his income exceeds the basic exemption limit. There are different basic exemption limits applicable based on age. All those who are below 60 years have to pay tax only if their taxable income exceeds Rs. 2.50 lakhs.
Do I need to file ITR if my income is less than 5 lakh?
So in your case as your taxable income is Rs. 4 lakh which is below Rs. 5 lakh, the threshold limit, for availing the rebate under Section 87A, you will not have to pay any tax in respect of your income but still you will have to file your ITR.
What happens if I dont file ITR?
Until the assessment year, i.e., AY 2017-18 there was no penalty for filing belated income tax returns. Now, as per section 234F, an individual would have to pay a fee of up to Rs 10,000 for filing ITR after the due date.
What happens if we dont file ITR?
If an individual forgets to file their ITRs, it can invite a penalty of up to ₹10,000. Besides this, a delay or pause in the filing of income tax returns also makes you liable to pay interest on the taxable amount you owe the government.
Do I need to file ITR if income is less than 2.5 lakhs?
All those who are below 60 years have to pay tax/file return only if their taxable income exceeds Rs 2.50 lakh, says Sudhakar Sethuraman, Partner, Deloitte India. He adds that those over 60 but below 80 can enjoy exemption from return filing as long as their income is less than Rs 3 lakh.
Can I file ITR for last 3 years now?
Filing ITR for Previous Years According to the Finance Act 1987 amendment, you can file your belated IT return anytime on or before 1 year from the end of the relevant Assessment Year (AY). Example, for the AY 2016-17, the timeline to file a belated return was on or before 31 March 2018.
Is it compulsory to file income tax return if we have PAN card?
While any one having a valid PAN is eligible to file IT return even if their income is below exemption limit, it is mandatory for companies and firms to file ITR. Individuals whose taxable income exceeds the maximum amount not chargeable to tax are eligible for income tax return.
Why is ITR necessary?
According to the income tax laws, filing ITR is mandatory for some and voluntary for others, however, filing it is essential regardless of the category one falls under. ITR is a tax return form used by taxpayers to report their income and assets to the Indian Income Tax Department (Indian Revenue Authorities).
What happens if we don’t fill ITR?
If an individual misses the income tax return (ITR) filing deadline (i.e., December 31, 2021 for this year), then he/she will have to pay a penalty at the time of filing belated ITR. However, there are certain individuals who can file their ITR without paying a penalty even after the expiry of the deadline.
Do I have to file ITR if my income is less than 5 lakhs?
So if your gross total income is below the threshold limit of ₹ 2.5 lakh (individuals below 60 years), ₹ 3 lakh (60-79 years) or ₹ 5 lakh (more than 80 years of age), but you meet any of the new criteria, you will have to file ITR. How do professional loans score over regular personal l ….
Is it mandatory to file an itr in India?
Filing ITR is mandatory if your income is more than the basic exemption limit (Rs 2.5 Lakh a year) for citizens below 60. You must declare gross total income by filing ITR. You then claim tax exemption and tax deduction like HRA, standard deduction, Chapter V1A (Section 80C to U), home loan interest and so on.
Can a student with no income file an itr?
His friends were in awe when they saw how much money he was making. A student with no income can file an ITR. However, it is not at all mandatory. Filing returns is compulsory if an individual comes under the tax slabs ( income above 2.5 lacs). Thus a person with income less than 2.5 lacs or no income need not file returns.
Do I need to file ITR If I have no TDs?
TDS : If TDS has been deducted on your Salary and/or on income from other sources like interest income of FDs/RDs etc., it is advisable to file ITR even if you have no tax dues. High Value Financial Transactions : If you have done any high value transactions, it is advisable to file your tax return.