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- In India, there is a general practice that if you are a citizen with a gross income that exceeds the basic tax exemption limit, i.e., 2,50,000, subject to certain conditions, you must file an Income Tax Return (ITR). If your income doesn’t exceed Rs 2,50,000 during the year, you’re not legally bound to file your return.
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How to file Income Tax Return (ITR) in India?
Is filing an income tax return mandatory?
Is ITR filing mandatory?
Who is eligible to file a tax return in India?
Oct 31, 2020 · If the taxes deducted/ deposited during the financial year exceeds the actual tax liability, then ITR filing is mandatory for individuals to claim income tax refund. This is mandatory even if gross total income is below the basic exemption limit, depending on the income tax regime chosen.
- Who needs to file income tax return (ITR) in India for FY 2023-24
According to Section 139 (1) of the Income-tax Act, ITR...
- Who needs to file income tax return (ITR) in India for FY 2023-24
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...
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.
Apr 14, 2023 · Income Tax Return (ITR) is a form used to report the details of an individual’s or a business’s income and taxes paid to the Income Tax Department of India. It is filed annually by taxpayers in India and is a mandatory requirement under the Income Tax Act, 1961.
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.
Jul 20, 2022 · In following situations a person is required to file Income Tax Return mandatorily. 1. If your total income exceeds the basic exemption limit. Rs 2,50,000 for an individual. Rs 3,00,000 for senior citizen (age 60 years or more but less than 80 years).
