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Jul 22, 2022 · An individual or HUF must file a tax return if their total income, before any deductions or exemptions, surpasses the statutory exemption threshold. Individuals must, however, report any...
May 16, 2024 · According to Income Tax laws, an Indian citizen must file an ITR only if his/her taxable income exceeds the basic exemption limit. In case the person's income falls below this threshold, it is not mandatory to file a return. The basic threshold will tend to differ depending on the chosen income tax regime.
How to File Tax Returns. For information on How to File Returns, please refer to the following resources: ITR-1 User Manual. ITR-1 Frequently Asked Questions. ITR-4 User Manual. ITR-4 Frequently Asked Questions.
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.
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.
Income tax eligibility refers to the criteria determine whether an individual is liable to file Income Tax Return. In India, individuals, Hindu Undivided Families (HUFs), and other entities are required to file their Income Tax returns subject to certain conditions.
Generally, you need to file if: Your income is over the filing requirement. You have over $400 in net earnings from self-employment (side jobs or other independent work) You had other situations that require you to file. It might pay you to file even if you don’t have to.
You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.
Jun 17, 2024 · Find the documents required for income tax return e-filing in India. Use the list to see the documents you’ll need to do your taxes on a case-by-case basis.
ITR-1 can be filed by a Resident Individual whose: Total income does not exceed ₹ 50 lakh during the FY. Income is from salary, one house property, family pension income, agricultural income (up to ₹5000/-), and other sources, which include: Interest from Savings Accounts. Interest from Deposits (Bank / Post Office / Cooperative Society)
