1. My income is below taxable limit (Rs. 2.5 lacs*) so i don't have to file ITR
2. My TDS has already been deducted so i don't have to file ITR
ITR that stands for Income Tax Return is a form that an assessee is supposed to submit to the Income Tax Department of India. This form holds all the information about the taxpayer's annual income and the total amount of tax to be paid and refund to be credited for that particular year. There exist seven different forms of ITRs and these are taken into consideration only when the individuals are filing returns as per the Central Board of Direct Taxes (CBDT) of India. following are the types of ITR Forms
Prerequisites for e-Filing
The important documents that are required for filing income tax returns are-
According to the provisions of the Income Tax law, an individual whose annual income exceeds the limit of Rs.2,50,000/300000/500000 is mandated to file tax returns as a way of informing the government to run the financial sectors of the country smoothly.
There are exceptions where an individual's income does not meet the taxable limit but is still mandated to file tax returns. The conditions for the same include:
In addition, New IT Rule 12AB now requires Compulsory Return Filing in all circumstances (even when the income is below 2.5 Lakhs) where limitations in the previous financial year were exceeded for the following entities:
The key benefits of filing your Income Tax Return regularly are as follows:
An individual should compulsorily file a tax return if the total income exceeds the basic exemption limit of Rs 2, 50,000/ 300000/500000 in a financial year .
After cautiously deciding on which form you are required to download, you can visit the official Income Tax website and download the necessary forms.
The forms used for companies alone are ITR-3, ITR-4, and ITR-5. Whereas, ITR-6 is used only for firms.
If you fail to file your tax returns within the stipulated time, you are supposed to file a belated return and file a new ITR as the older one becomes null and void. Under section 234F Late filings incur a penalty upto Rs. 5,000. But, for an income of Rs. 5,00,000, the penalty levied is reduced to Rs. 1000. Also, if gross total income is Rs. 2,50,000 or less then no penalty shall be imposed.
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