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
General »
  E commerce companies set to collect tax from sellers
 Income tax return (ITR) filing: EPF gives you tax benefit under section 80C, but there is catch
 Finance ministry notifies annual tax return forms for businesses registered under GST
 ITR filing: Use this last day checklist and avoid penalty
 Income tax return filing 2018: Claiming foreign tax credit – how to deal with practical challenges
 Are you liable to pay tax on money received as gift?
 What are the Income Tax benefits to donors of Kerala flood victims?
 Here’s how you can reduce your taxes on pension income
 How to reset password on income tax e-filing website
 Income tax returns (ITR) filing: Taxpayers must include assets while filing tax if earnings overshoot mark
 No penalty on late filing of ITR if your income doesn't cross this limit

Wondering about your eligibility to file Income Tax Return?Read on
July, 03rd 2018

ITR filing is mandatory if your gross total income exceeds the basic exemption limit. Having a PAN does not necessitate furnishing your return. Find out when do you need to file ITR.

Filing of income tax return gives a legal sanction to your income. The income-tax act mandates a company and a firm to file its return of income no matter the turnover. A person other than company and firm is required to file a return of income if gross total income exceeds the maximum amount not chargeable to tax.

The gross total income of an assessee is the income before providing for deductions under chapter VI. This mainly includes the deductions availed by an individual towards contribution to medical insurance, contribution to provident fund, payment towards life insurance premium, the amount invested in other saving schemes like National Saving Certificates and Public Provident Fund to name a few.

According to the income tax act, the limit of maximum amount not chargeable to tax is Rs 250,000 in case of an individual (resident as well non-resident) and Rs 300,000 in case of every individual, who is of the age of 60 years or more but less than 80 years at any time during the previous year. For individuals above 80 years, this income limit is Rs 500,000.

Moreover, having a PAN card doesn’t mandate the filing of a return, if your income is less than the maximum exemption limit.

ALSO READ: 6 reasons you should file your income tax return on time

What are the modes of filing income-tax return?
Return of income can be filed in paper mode or in e-filing mode. If income tax return is filed through electronic mode, then the assessee has to follow three option

1) E-filling using a Digital Signature

2)E-filling without a Digital Signature

3)E-filing under Electronic Verification Code (EVC)

If Income Tax return is filed using a Digital Signature or under Electronic Verification Code, then there is no requirement of sending the signed copy of ITR-V (acknowledgement of return filed electronically) to Bangalore CPC. However, if the return is filed without using Digital Signature or without Electronic Verification Code, the assessee shall send the signed copy of ITR V on the following address within 120 days of uploading the return either by ordinary post or by speed post only.

The address is CPC, post bag no 1, Electronic City Post Office, Bangalore- 560100, Karnataka.

ALSO READ: A beginner’s guide to furnishing ITR Form-1 (Sahaj)

Is there an exception to electronic filing of return?
A person can furnish Income Tax return in paper form in ITR 1 or ITR 4 in any of the following circumstances:

1) The taxpayer is an individual with an age of 80 years or more during the previous year

2) The taxpayer is an individual, Hindu Undivided Family or partnership firm and the income during the previous year does not exceed Rs 5 lakh and no refund is claimed in the return of income.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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