Gross total income is only one of the criteria of eligibility. Ensure that you are abreast with the requirements of the relevant financial year. Please note that the eligibility for filing ITR is subject to notification from the government. Returns have to be filed even if the income is received 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. As a foreign company who wants to take treaty benefit on a transaction in India If you are a Resident individual and have an asset or financial interest in an entity located outside of India or have a signing authority for a foreign account. For carrying forward a loss under a head of income If you want to claim an income tax refund The profit or loss during the financial year is immaterial. If you are above 80 years, the limit is Rs 5 lakhs. If you are a senior citizen (above 60 years and below 80 years), this limit is Rs 3 lakh. As an individual, the gross total income (prior to deductions under section 80C to 80U) exceeds Rs 2.5 lakhs in FY 2018-19. Failure to file the returns can result in penalties from the IT department.Īs per the current law, income tax returns have to be filed mandatorily in the following circumstances: Returns have to be filed using the Income Tax Return of ITR Forms. ![]() ITR serves as a proof of legal and disclosed income. Raj helped him understand the process of filing returns.īut why are returns filed? ITR is a statement of from different sources, tax liabilities, income tax paid and the refunds provided by the government. Rahul got in touch with Raj who is a chartered accountant. He is not well versed with the process either. Rahul is a bit clueless about why returns are filed. For the last few days, he has heard about filing the tax returns.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |