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Special Cases When it is Mandatory to File ITR
We all know that IT return filing is mandatory in certain cases and shall be filed before due dates. Generally, what people know of being a must income tax return filing situation is having income above taxable limits of ? 2,50,000/ ? 3,o0,000 / ? 5,00,000. These limits are without giving effect to Chapter VI-A (Section 80C – 80U) deductions. Well, there are several other Special Cases When it is Mandatory to do incometaxefiling, such as possessing few assets explained below.
Owning a house in your own name is a bliss!! But if you have transacted in house property aggregating to 30 lakhs or above during the year. Not reporting the same or ignoring ITR filing for the period, can attract you notices from the tax authorities. Income Tax Department get details of all house properties having value exceeding 30 lakhs periodically by the registrar. And, keeps a check on ITRs of such people, verifying their sources of income, capital gains and exemptions claimed.
- Old Records
Repercussions might not always fall for future. If, you have done any inappropriate or misreporting of income in past. The income tax department can search your old records and start recoveries. And, as a consequence you might end up paying taxes and interest from the date of under reporting till the date of payment for which penalties may also be invited u/s 270A.
- Plot of land / Property
In case you possess a plot of land or property in your name or have recently dealt in, you might be caught by the tax department for seeking explanations regarding the transaction, sources or employment of income thereon.
If you have purchased a car during the year and not filed ITR for the relevant period. You might soon get an Income Tax Notice asking for reasons of not filing and obligation to file return of income within stipulated time. Government has access to all such records pertaining to new purchases of cars made during the year and can scrutinize them.
Prevention is always better than cure, so is making correct and timely disclosures and payments to tax department. Non adherence of taxation law can result in Fee u/s 234F, Interest u/s 234A, 234B, 234C & various Penalties including those mentioned u/s 270 A, inconvenience and defamation etc. So, it's better to take experts assistance for all your taxation matters and avoid the hassle!!
You can also estimate your tax liability/ refund using our income tax calculator. To know your income tax refund status, click here.
Happy Filing ????