Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« General »
Open DEMAT Account in 24 hrs
 Won case against income tax department but still waiting for benefit? No more delay after an update in ITR portal
 Income Tax Department regrets issuing erroneous notices to taxpayers: Know the details
 Income Tax Return: Miss THIS ITR filing deadline and you will be fined Rs 10000
 Tax contribution of petroleum sector set to drop rapidly in FY 2024-25
 Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty
 Tax regime shift: Is filing ITR under old regime still valid after default new regime?
 Income Tax Department Targets Bogus Refund Claims, Issues Notices To Taxpayers
 IT firms bullish on higher spending due to tax cuts
 How to calculate capital gains tax on sale of land?
 Don't fall for fake notices! How to verify your income tax communication
 I decided to shift to the new tax regime. Will I lose benefit on interest income of my PPF account?

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 2025 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting