Anonymous
  • 1

Is filing of ITR necessary?

  • 1
Is filing of ITR necessary?
Share

2 Answers

  1. If you have taxable income in a financial year, you have to file Income Tax Returns compulsorily. If you don’t file Income Tax Returns on time, a penalty of up to Rs. 10,000 may be imposed.

    • 0
  2. This answer was edited.

    As per the Income Tax Act, in the following situations, it is mandatory to file an Income Tax Return in India.

    • Your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs 2.5 lakhs. This limit is Rs 3 lakh for senior citizens (aged above 60 but less than 80) or Rs 5 lakhs for super senior citizens (aged above 80).
    • You are a company or a firm irrespective of whether you have income or loss during the financial year
    • You want to claim an income tax refund
    •  You want to carry forward a loss under a head of income
    • If you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs)
    • If you are a Resident and a signing authority in a foreign account. (Not applicable to NRIs or RNORs)
    • When you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust
    • If you are a foreign company and taking treaty benefit on any transaction in India
    • A proof of return filing may also be required at the time of applying for a loan or a visa
    • 0

Leave an answer

You must login to add an answer.