Income Tax filing confuses a lot of people. We don’t know how to figure out tax slabs, income from all sources and a thousand other things that go into it. I had the same query as you. I asked my CA who is not required to file income tax return. He explained it to me. I can briefly tell you about it. But I will also talk about the advantages of filing ITR even if you are not liable to pay income tax. You’ll know why.
Need help with property due diligence and verification, check out NoBroker Legal Service Who is required to file income tax return?Before answering who is not required to file ITR, let us look at who needs to do it.
All the registered taxpayers have to file ITR
If the deposit of amount or aggregate of amount exceeds Rs. 1 cr threshold in one more accounts
Person travelling to foreign country and spending more than Rs. 2 lakhs
Person whose electricity bill crosses Rs. 1 lakh mark
Basically income tax is paid on income that exceeds basic exemption limit.
Who is not required to file income tax return?The exemption to file ITR remains for the following people:
People who do not hit the threshold of income of Rs. 2.5 lakhs
Other than that the exemption limit changes for people in the age bracket of 60-80 years and 80+ years;
Individuals who are in between the age of 60-80 years can enjoy exemption on income of up to Rs. 3 lakhs
Individuals who are in the age group of 80+ years can enjoy exemption on income of up to Rs. 5 lakhs
I hope this clarifies who is and who is not required to file Income Tax Return.
Now pay your utility bills and rent quickly through NoBroker Pay and win assured cashbacksRead more:
How to show borrowed money in Income Tax Return
How to file Income Tax return for salaried employees
How to show sale of property in Income Tax Return
Who is not required to file income tax return?
Jeevan
221 Views
1
3 Year
2022-03-21T14:22:01+00:00 2022-03-23T18:25:31+00:00Comment
Share