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Jul 21, 2022 · Discover 9 situations making Income Tax Return (ITR) filing mandatory, including conditions like turnover exceeding Rs. 60 lakhs, gross receipts over Rs. 10 lakhs in profession, foreign travel expenses exceeding Rs. 2 lakhs, and more.
May 27, 2022 · A taxpayer, be it an individual or an entity, is required to file the Income Tax Return before the specified due date under Section 139(1) or within the allowed time by a notice issued under Section 142(1).
Jul 22, 2022 · The government has announced new income-tax return forms for 2019–20. Those who spend more than ₹ 1 lakh in electricity bills or deposit more than ₹ 1 crore in current accounts would need to...
Jul 25, 2024 · As per the Income Tax Act of India, individuals are required to file an ITR only if their annual income exceeds the basic exemption limit. However, there are certain conditions in which you might be required to file an ITR even if your income falls within the basic exemption limit.
Apr 14, 2023 · It is mandatory for individuals and businesses whose income exceeds the basic exemption limit to file Income Tax Return (ITR) in India. The basic exemption limit is different for different categories of taxpayers, such as individuals, senior citizens, and companies.
Jul 10, 2024 · It is mandatory to file an income tax return (ITR) for the financial year 2023-24 while some individuals are exempted from this rule. Who are they? When are you not required to file an income tax return for the assessment year 2024-25? Read here to find out.
Jun 21, 2024 · According to Section 139 (1) of the Income-tax Act, ITR filing is mandatory if a resident individual owns assets such as shares, bonds of foreign companies; a house in foreign countries; or has income such as dividends, interest or rent from foreign countries.
Oct 31, 2020 · The government requires people to file income tax returns (ITRs) to get information about their income and to check if tax on the income earned has been correctly paid. The last date for filing ITR for FY 2022-23 (AY 2023-24) is July 31, 2023, for individual taxpayers whose accounts are not required to be audited. US Election 2024.
Jan 16, 2023 · You are required to file an income tax return when you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastruct...
Jun 19, 2024 · Filing Income Tax Return (ITR) is mandatory even if tax is deducted at source. Criteria for filing include income exceeding exemption limit, assets abroad, foreign investments, large deposits,...
