ITR Filing: According to income tax rules, taxpayers whose gross total income exceeds the taxable limit in a financial year are required to file Income Tax Return (ITR). At present this limit is Rs 2.5 lakh i.e. it is necessary to file ITR if there is a gross total income of Rs 2.5 lakh in a financial year, but in some special circumstances, it is necessary to file ITR even if the income is less than this, such as Rs 1 crore in current account. On deposit of more than Rs. or on electricity bill of more than Rs. 1 lakh in any financial year. If there is no such special case or having gross total income of less than Rs 2.5 lakh, it is not necessary to file ITR, but according to experts, ITR must be filed. This provides many benefits.
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It is mandatory to file ITR in these cases.
- Having gross total income of more than Rs 2.5 lakh.
- Having any property outside the country.
- Having a signing authority in an account outside the country.
- On deposits of more than Rs 1 crore in a current account with any bank or co-operative bank in any financial year.
- 2 lakhs spent on foreign travel in any financial year.
- On electricity expenses exceeding Rs 1 lakh in a financial year.
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ITR should be filled even if it is mandatory
- When applying for a two-wheeler, car or home loan, proof of return for two years is required.
- When applying for a visa to go abroad, the chances of the application being rejected are less if you provide proof of ITR.
- If the tax has been deducted excessively and its refund is needed then ITR must be filed. This happens in certain circumstances such as banks deduct tax on FD even if your income is not taxable.
- When buying and selling shares, sometimes there is a loss which can be carried forward. However, for this it is necessary to file ITR.
- More than double TDS/TCS may have to be paid in case of non-filing of ITR.