Income Tax (Signo Photo)
If your annual income is less than the basic exemption limit of income tax, then usually you will feel that ITR It is not necessary to fill. But this does not happen every time. The Income Tax Department is very cautious about certain types of transactions. If you have carried out any such transaction in the last financial year, then whether your income comes under tax or not, ITR It becomes necessary to file.
According to Income Tax Act, 1961, if a person's income in the old tax system ₹ 2.5 Lakh and new tax system ₹ 3 If less than a million, then ITR It is not necessary to fill. But the same law also says that in certain circumstances, even if your income is less than this exemption limit, you still ITR It is mandatory to file.
Have spent ₹ 2 lakh or more on traveling abroad- If you have spent ₹ 2 lakh or more to visit abroad last year, then you must file ITR. Even if your total annual income is below the tax exemption limit.
Foreign property or income is- If you have any property abroad or you have earned any income from there - like dividend from the shares of foreign companies - then it is mandatory for you to file ITR. This provision comes under strictness about black money.
TDS or TCS should be chopped ₹ 25,000 or more- If a total of ₹ 25,000 or more TDS or TCS is cut on you in the financial year, then it is necessary to fill ITR. This limit is ₹ 50,000 for Senior Citizens.
The current account has deposited ₹ 1 crore or more- If you have deposited an amount of ₹ 1 crore or more in a year in a current account of a bank, then it becomes mandatory to file an ITR, no matter how much income.
Deposit ₹ 50 lakh or more in a savings account- If an amount of ₹ 50 lakh or more has been deposited in your savings bank account within a year, then you come to the radar of the Income Tax Department. In such a situation, it becomes necessary to file ITR.
Business Turnover ₹ 60 lakh or more- If you do business and your annual turnover is ₹ 60 lakhs or more, then even if your profit is low, it is necessary to fill ITR.
Earnings of more than ₹ 10 lakh for professional service servants- If you are associated with a doctor, lawyer, consultant or any other professional service and your total professional receipt is more than ₹ 10 lakh, then it becomes mandatory to file ITR.
Electricity bill payment of ₹ 1 lakh or more- If you have paid an electricity bill of ₹ 1 lakh or more in total throughout the year, then it is necessary to file ITR. This government has an important information about your expenses.
In all these cases, not only ITR filed can cause penalty, but in future you may also face trouble in financial work like loan, visa, credit card. The Income Tax Department tracks these transactions and does not consider the income below the exemption limit as a discount, if your expenses or deposits cross these fixed circles.
