Every person who has the following income need to file income tax return. Income tax return filing is a very easy process. We will cover whole procedure to file income tax return online or offline in another article. In this article we will cover the subject who need to file income tax return. You can find the answer of the popular question i.e. Am I need to file income tax return? Is there any penalty if I miss the income tax return?
Individuals, HUF, AOP, BOI
- If your income is over the exemption limit for the year, or
- Individuals, HUF, AOP, BOI having taxable income or taxable income before making deduction u/s 10A or 10B or 10BA or under chapter VIA exceeding the basic exemption limit.
- Non-resident Indians except those covered u/s 115AC having taxable income.
- If you have not taxable income and deposited TDS or advance tax payment then you should file income tax return to claim income tax refund.
- You can file income tax return even if you have not taxable income. But it is optional.
- if you have suffered a loss from business or profession or speculative business or capital loss, or loss from the activity of maintaining race horses, should furnish your return of income by the due date specified u/s 139(1) otherwise the facility of set off and carry forward of loss shall not be allowed.
- if you have not filed your return and got a notice u/s 142(1) or u/s 148.
- The persons who got salary up to Rs. 5 lakh also have option not to file their income tax return as per section 139(1C).
Basic Exemptions Limit
For A.Y. 2018-19: The basic exemption limit is Rs.2.5 Lakh (Rs.3 Lakh for Senior Citizens & Rs. 5 Lakh for Very Senior Citizens) – Check Income Tax Slab for A.Y. 2018-19 Here
For A.Y.2017-18: The basic exemption limit is Rs.2.5 Lakh (Rs.3 Lakh for Senior Citizens & Rs. 5 Lakh for Very Senior Citizens)
For A.Y. 2016-17: The basic exemption limit is Rs. 2.5 lakh (Rs. 3 lakh for senior citizens & Rs. 5 lakh for very senior citizens) Check latest income tax slab for A.Y. 2016-17
For A.Y. 2015-16: The basic exemption limit is Rs. 2.5 lakh (Rs. 3 lakh for senior citizens & Rs. 5 lakh for very senior citizens)
For A.Y. 2014-15: The basic exemption limit is Rs. 2 Lakh (Rs. 2.5 Lakh for senior citizens & Rs.5 Lakh for very senior citizens)
For A.Y.2013-14: The basic exemption limit is Rs. 2 Lakh (Rs. 2.5 Lakh for senior citizens & Rs.5 Lakh for very senior citizens)
Note: Rs.3,00,000 for senior citizens and Rs.5,00,000 for very senior citizens (60 Years or above but below 80 years is a senior citizens and 80 years and above is very senior citizens). Income Tax Return filing is mandatory in case of your income is more than exemption limit whether your tax is NIL or refundable)
Income tax return is mandatory for Companies, partnership firms, LLP whether in loss or in profit.
Non Profit Organization
Income tax return is mandatory for Co-operative society and local authority whether in loss or in profit.
Q.5) Do I need to file the income-tax return even when I have paid all the taxes in advance?
- Filing of the income tax return is mandatory for every person who has income higher than the taxable income.
- Even when the advance taxes have been paid, the same need to be reported to the Department through Income-tax return filing procedure.
- This completes the self-assessment of income and taxes are computed on the same.
- Failure to file the income tax return will attract levy of penalty.
- Form 26AS reflects the taxes which have been reported by the third party to whom the taxes have been deposited or by whom the taxes have been deducted.
- Income-tax return helps in reconciling the records as submitted by assessee and as per Income-tax department records.
Assessee claims refund.