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Who is required to file ITR?
How to file Income Tax Return (ITR)?
Do I need to file an itr if income exceeds basic exemption limit?
Why should I file an itr?
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 22, 2022 · Who is required to file ITR? If a person's gross annual income exceeds ₹ 2,50,000 under the new tax regime in a fiscal year, submitting a tax return is required, per tax regulations.
- Individuals with Taxable Income. Any individual whose total income exceeds the minimum taxable threshold is required to file an ITR. The minimum taxable threshold differs based on the age and residential status of the individual.
- Non-Resident Indians (NRIs) NRIs are required to file an ITR if they have any income arising in India, irrespective of the amount. This includes income from salary, property, capital gains, business or profession, or any other taxable sources within the country.
- Business Owners and Professionals. Individuals engaged in a business, profession, or self-employment are required to file an ITR. This category includes freelancers, consultants, doctors, lawyers, traders, and any other individuals conducting business activities.
- High-Value Transaction Participants. Individuals who have undertaken certain high-value transactions during the financial year are required to file an ITR, regardless of their total income.
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.
- Preeti Motiani
- Choosing The Applicable ITR Form
- For Salaried Employees
- For Income from House Property
- For Capital Gain Income
- For Interest Income
- Form Ais/Tis
- Section 80 Investments
- Documents Required to Claim The Following Expenses as Deductions
- Other Investment Documents
- Documents Required For Income Tax Returns Filing
Taxpayers have to choose the correct ITR form applicable to them. The income tax department has launched pre-filled ITR forms for AY 2024-25. Determining which ITR form to choose can be challenging but if you file with Cleartax, we auto-suggest the correct ITR form for you based on your income details.
If you are a salaried employee, gather these documents to e-file your income tax returns in India. Go through this list to see the documents you’ll need to do your taxes. 1. PAN 2. Aadhaar card 3. Form-16 Part A and B issued by your employer 4. Month-wise Salary Slips It is essential to gather information on all taxable allowances received and the ...
Gathering the details mentioned below is necessary in order to provide complete and truthful disclosure of your income from house property. 1. Rental income details 2. Tenant details such as Name, PAN/Aadhaar 3. Address of Property and Co-owner details 4. Interest certificate for loan, if any, including Pre-Construction Interest 5. Pre-construction...
Capital gain includes proceeds from the sale of immovable properties such as land, building, house etc, also includes shares, debentures, mutual funds, jewellery etc., irrespective of gain or loss, the transactions must be reported. 1. For Sale of Immovable Property : 1.1. Sales and purchase deeds, improvement cost details, transfer expenses 1.2. F...
Bank statement/passbook for interest on a savings account.Interest income statement for fixed deposits.TDS certificate issued by banks and others.The Annual Information Statement (AIS) is a detailed summary of a taxpayer's information, which is given in Form 26AS. In addition to the TDS/TCS details, the AIS will also show interest, dividends, stock market transactions, mutual fund transactions, etc. AIS shows both reported value (value reported by the reporting entities) and modified value (...
Section 80C investment documents. The investments made under PPF, NSC, ULIPS, ELSS, and LIC qualify for deductions under Section 80C. Make sure you have the slips and receipts of all the investments made for tax-saving purposes. Also, these documents should be preserved for a couple of years for the safe side.
Keep these documents at hand to claim the expenses as deductions : 1. Your contribution to the Provident Fund 2. Your children’s school tuition fees 3. Life insurance premium payment 4. Stamp duty and registration charges 5. Principal repayment on your home loan 6. Equity Linked Savings Scheme/Mutual Funds investment 7. The maximum amount that can ...
Interest paid on Housing Loan: Interest on a housing loan is eligible for tax savings up to Rs 2,00,000. This is for a self-occupied house. There is no limit on interest on a housing loan for let-o...
The income tax return you file is an ‘annexure less’ return, i.e. no documents or proofs are required to be attached to the returns. The Income Tax Act specifies obtaining certificates and proofs to claim deductions, which makes it ambiguous for the taxpayers as to whom they must hand over those certificates and proofs. The taxpayers must preserve ...
May 17, 2024 · A resident (other than not ordinarily resident) is required to file ITR, if at any point time during the previous year –. a. He is a beneficial owner of any asset (including financial interest in any entity) located outside India or has signing authority in any account outside India; or. b.
Jul 5, 2024 · An individual having income from salary, house property and other sources can file ITR-1. An NRI cannot file ITR-1. Salaried taxpayers can use their form 16 to file ITR. Form 16 or if you have multiple Form 16s can be directly uploaded to Cleartax Portal to file your income tax return.
