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
« General »
 HC asks Tax Dept to permit GST assessees to file for transitional credit
 Himachal ready with scheme to settle dues of pre-GST era
 Can laid off employees save tax on their severance pay?
 Can laid off employees save tax on their severance pay?
 Government unlikely to go for income tax cut due to fiscal stress
 Why we need better property tax systems
 The tax matter India must not cede ground on
 Small savings schemes: Look at post-tax return before deciding to invest
 Financial services firms come under taxman’s scanner
 Filing Income Tax Return Using Aadhaar Leads To Allotment Of Aadhaar. Read Latest Rules Here
 If you are not paying income tax, get ready for I-T department's call

Who all need to file their tax returns
August, 13th 2019

There are several myths around tax filing. Some people believe that if their employer issues a Form 16 and deducts tax, they do not need to file their income tax returns (ITR). That is not true. In fact, even if your income is below the threshold limit till which tax filing is not required, you may still need to file ITR depending on other conditions.

If your gross total income (excluding deductions) exceeds the basic exemption limit of income above which tax is charged, you need to file ITR. For assessment year 2019-20, this limit is ?2.5 lakh for individuals below the age of 60 years, ?3 lakh for senior citizens (between 60 and 80 years) and ?5 lakh for super senior citizens (above 80 years of age).

Irrespective of your income, if you want to claim a tax refund or want to carry forward a loss, filing ITR is mandatory. Also, “any resident individual who holds beneficial interest in any asset situated outside India (including financial interest in any entity outside India) or who has signing authority in a foreign bank account is also required to file ITR, irrespective of his gross total income," said Vikas Vasal, partner and national leader, tax, Grant Thornton India LLP, a chartered accountancy firm.

From assessment year 2020-21, a few more categories of people will need to mandatorily file ITR, as per Budget 2019. Those who withdraw more than ?1 crore from their current bank account in a year, or pay an electricity bill of ?1 lakh or more, or pay more than ?2 lakh for foreign travel during the current financial year will also be required to file their ITR in 2020-21, irrespective of their income level.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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