Who is Required to File Income Tax Return?

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who is required to file income tax return
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)

Profit Organization 

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.

How to file income tax return – Check Here

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5 thoughts on “Who is Required to File Income Tax Return?

  1. My Mrs is a salaried person under Govt Odisha۔For the financial yr 2018-19 and assesment yr 2017-18 tax payable was nil after through calculation and the same was deposited in form in FEB-MARCH 2018.Now her employer gave her form 16A and instructed to file ITR.Is it mandatory to file ITR.Please guide in this regard.

  2. Hi,
    It is a tedious task for almost all these days ! We have a problem and it has to resolved. My relative suggested Tax2win to me and I must tell you that it is the most easiest way to file your income tax return online.

  3. how to calculate long term capital gain for eq.share purches before 5 years. how to calculate indexion for p.price of share to calculate long term profit(capital gain) for eq.share purches before 5 years.pl.give example to understand.

  4. I am a sr. citizen of age 69 years (D.O.B. – 01/06/1945), drawing a gross salary of Rs. 564000/- per annum during 2014-15. I draw the same salary in 2013-14. TDS was deducted last year. But I could not file my RTI. Now What should I do?
    Also tell me what amount of Tax I will have to deposit.
    Ansari

  5. Dear Sir,

    My mother inherited a share of residential property from her
    mother i.e. my grand-mother in year 1991 for Rs. 60,000 (60 thousand) as
    her share, which she sold off year June’2013 for Rs. sixteen-lakhs
    as her share. Amount received is completely reinvested in our first
    residential house as joint property with me i.e. her son.

    Other than this, she don’t have any other income.

    I am confused, is she Liable to file any ITR for AY 2014-2015 for any such LTCG.

    It will be kind of you, if you can let me know that Is it absolutely necessary to
    file NIL ITR for this LTCG.

    Thanks
    Avishkar

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