ITR

What is ITR?

An Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income.

Who is required to file Income Tax Return?

Who is required to file Income Tax Return? Anybody who is less than 60 years of age and has an annual income more than Rs2. 5 lakh has to file income tax returns, according to the Income Tax Act. For senior citizens, the cut-off is Rs3 lakh, and for those who are more than 80 years old, the cut off is Rs5 lakh

What happens if I don’t file Income Tax Return?

For non-filing of your ITR, the tax department can levy penalty a minimum penalty equal to 50% of the tax which would have been avoided by you, in addition to the liability to pay the interest till the date you ultimately file your ITR after receiving notices from tax department.

What is the last date for filing Income tax return?

Usually, the last of filing Income Tax Return for Previous Year is 31st July every year.

Is it compulsory to file Income tax return?

Yes, it is compulsory to file income tax returns (ITRs). ... - People whose gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs 2.5 lakh in FY 2018-19. This limit is Rs 3 lakh for senior citizens (aged above 60 but less than 80) and Rs 5 lakh for super senior citizens (aged above 80)

What are the benefits of filing ITR?

Filing ITR not only keeps you tax-compliant, but also offers the following benefits:

• Filing ITR avoids penalties.


• ITR receipt is a very important document.


• ITR receipt is a useful document for hassle-free processing of bank loans.


• Visa processing.


• Compensate losses in the next financial year.



 
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