Confused whether you have to file the return or not? Here is everything you need to know…
📌 TAX RETURN APPLICABILITY
Any person has to compulsorily file ITR if:
- Its income crosses the basic exemption limit of Rs. 3,00,000 (For FY 24-25)
▪ Excluding exemptions of Capital Gain and Chapter VI-A deductions - It is an Ordinary Resident and a Beneficial Owner/Beneficiary of any asset outside India
- It has:
- Deposited more than Rs. 1 crore in one or more current accounts
- Incurred an expenditure of more than Rs. 2 lakhs for foreign travels
- Spent more than Rs. 1 lakh towards electricity consumption
- Total sales from business exceed Rs. 60 lakhs during the Financial Year
- Gross receipts from profession exceed Rs. 10 lakhs during the Financial Year
- Total TDS/TCS during the year exceeds:
- Rs. 25,000 for normal citizens
- Rs. 50,000 for senior citizens
- Deposited more than Rs. 50 Lakhs during the Financial Year
⏰ DUE DATES
31st October: In case the Assessee is required to have a tax audit
31st July: In other cases
💸 FEE FOR DEFAULT
Fee for Default in return filing is:
- Rs. 1000 if income is below Rs. 5 lakhs
- Rs. 5000 in other cases
✅ EXEMPT INCOMES
- Agricultural Income
- Amounts received by HUF members
- Partner’s share from a Partnership firm
- Disaster compensation by Govt
- Educational scholarships
- Allowance to MPs and MLAs
- Govt. literary/scientific/art awards
- Gallantry award pensions
- Palace value of ex-rulers
- Income of Local Authorities
- Income of Research Institutions
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