sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Direct Tax »
 Six changes in ITR 1 form that you must know ITR 2018-19
 Here are top 5 ways to save money, and you won’t even feel the pinch
 Why checking Form 26AS is necessary Income tax return (ITR) filing
 Central Board of Direct Taxes signs three more unilateral Advance Pricing Agreements with taxpayers
 5 different ways to e-verify Income Tax Return
 CBDT warns Income Tax Department (ITD) over "high-pitched" assessments against taxpayers
 A step by step guide on how to pay due income tax ITR 2018-19
 How to claim HRA exemption at the time of filing income tax returns
 All You Want To Know About Income Tax Return Form 1 Sahaj
 How to save income tax through your family members? What you must know
 Do you need to file income tax return (ITR) if TDS is paid?
 Income Tax Return filing for AY 2018-19: How to file ITR for self employed in India
 
 
 

Do you need to file income tax return (ITR) if TDS is paid?
July, 03rd 2018

Irrespective of whether your employer has deducted tax at source (TDS) on your salary or you have paid tax on your own, you should file your income tax return (ITR) if you fit certain criteria

Irrespective of whether your employer has deducted tax at source (TDS) on your salary or you have paid tax on your own, you should file your income tax return (ITR) if you fit certain criteria.

Under Section 139(1)(b) of the Income tax Act, 1961, it is mandatory to file returns if gross total income of an assessee—be it an individual, Hindu Undivided Family (HUF), Association of Person or Body of Individual—exceeds the maximum exemption limit which is ? 2.5 lakh for an individual below the age of 60 and ? 3 lakh for an individual between the age of 60 and 80 and ? 5 lakh for those above 80 years. Gross total income is the income you earn without factoring in exemption and deductions.

In some cases, even if your income is less than taxable income, you might have to file your returns. For instance, if you have a bank account or any asset or any financial interest in any entity located abroad, you must file returns and also furnish details of such accounts, assets and financial interest in the return.

If you are supposed to file returns but fail to do so, the assessing officer (AO) can send a notice to file the returns. If you fail to file the return even after the notice from AO, you may have to pay a penalty. Further, in case of non-compliance of notices and warnings by the department, if you fail to file your returns, it may attract imprisonment under Section 276CC of the Act for three months to two years along with a fine. If the amount of tax sought to be evaded exceeds ? 25 lakh, the imprisonment may extend to six months to seven years along with fine.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions