Who Should file Income Tax Return and why?

Fling income tax return i.e. ITR is compulsory for some person while it is optional for others. Why should you file ITR because ireporting your proper and true income is your duty and pay taxes thereon

Now question arise who should file ITR?

It will depend upon that facts that what is your income level during the year.

If you are not more than 60 years during the year and your income is more than Rs.2.50 lakhs

Or you are more than 60 years but not more than 80 years & having income more than Rs.3.00 lakhs

or you are more than 80 years & having income Rs.5.00 lakhs during the year

then you must file your ITR otherwise you will face problems.

You should file your ITR even you dont have income (as explained above) If :-

(a) TDS has been deducted on your income or payments received,

(b) you are having losses from Business or profession or from Capital Gain, or loss from house proprty income , Losses from Investments like share market

(d) most important ,having some high value transaction history like huge Cash deposit in saving Accounts,Current Account,credit card payment or some other such specified transactions

theni it is advisable that you must file ITR and report your detail very correct & in a proper way ,otherwise you may notice from income tax department.

Keep in mind that in digitization era, all financial transactions are being cross noticed or reported by/to Government and you cant escape yourself from the duty. It is better to follow rules instead of escaping from it.

Never forget to comment, write your query and feedback

टिप्पणी करना, अपने प्रश्न और प्रतिक्रिया लिखना कभी न भूलें

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