Tally for CAs in Industry Silver Edition (Single User) Tally Renewal (Auditor Edition) Need Tally for Clients? (Tie-up with us!!!)
Open DEMAT Account with in 24 Hrs and start investing now!
General »
Open DEMAT Account in 24 hrs
 Ready for futures and options? This is how you will be taxed
 Rationalise personal income tax slabs, say states
 Opted for new tax regime? You can still avail this income tax deduction to save tax
 Small units to lose businesses as govt tightens input tax credit rules
 Here's how to check ITR-V receipts status online
 Section 80C limit of Rs 1.5 lakh exhausted? Here is how you can still save more tax for FY 2021-22
 Taxation of ESOPs and Tax deductibility of ESOP Expenses
 You must file income tax return if you hold any foreign assets
 Securities transaction tax collection in Sept to exceed full year's target
 How to Clear Gmail, Google Data Without Paying for Extra Storage Google Drive Full
 No taxable income? Why you may still need to file ITR for these reasons
 Include cryptocurrency gains in income-tax returns, say analysts
 Issues with new income tax portal to be resolved soon, says FM
 
 

No taxable income? Why you may still need to file ITR for these reasons
August, 19th 2021

No taxable income? Why you may still need to file ITR for these reasons

Mini

Income tax return (ITR) filing is mandatory for those whose taxable income is more than the exempted threshold limit. However, there are situations when an individual would need to file ITR even if his/her total income is below the exempted limit.

 
No taxable income? Why you may still need to file ITR for these reasons
 
Income tax return (ITR) filing is mandatory for those whose taxable income is more than the exempted threshold limit. However, there are situations when an individual would need to file ITR even if the total income is below the exempted limit.
 
Here are some of those situations:
 
  • According to Naveen Wadhwa, chief executive officer, Taxmann, an individual should file ITR when the income before capital gain exemption (Section 54 to 54GB) or deductions (Section 80C to 80U) exceeds the maximum amount not chargeable to tax.
  • Also, it should be filed when the citizen owns overseas assets or has signing authority in any account outside India.
  • Filling of return even becomes necessary if an individual has deposited an amount or aggregate amount of Rs 1 crore or more in one or more current accounts during the financial year.
 
 
 
 
  • Filling of return is also necessary if an individual spent an amount or aggregate amount more than Rs 2 lakh on foreign travel for self or any other person during the financial year.
  • According to Kapil Rana, founder and chairman, HostBook Ltd, filling of return is necessary if, an individual spent an amount or aggregate amount more than Rs 1 lakh on consumption of electricity during the financial year.
  • Those having non-taxable income can also file ITR for various other purposes like visa, bank loan, credit card application.
 
  • Filing ITR also helps an individual if he/she is planning to immigrate to another country or seeking a job opportunity abroad. They should have their ITRs ready for the past 2-3 years because most of the embassies ask for these copies to process their visa application.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2022 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting