WHO ALL NEED INCOME TAX RETURN?
Most people are unaware who must and who must not file ITRs. People believe that having proof of payment of tax is enough to meet tax obligations. Well, the law says different! The Income Tax Act, 1961 makes return filing compulsory for anyone under the following circumstances:
- You are less than 60 years old and you earn more than Rupees 2,50,000 (irrespective of your gender (for the FY 2017-18).
- You are a senior citizen (above the age of 60years but below the age of 80 years) and earn more than Rupees 3,00,000.
- If total income is more than 5 lakhs or you have claimed any income tax refund then you are required to e-file your taxes. (Not applicable in the case of super senior citizens).
- Person who is required to get audited his financial statements under income tax act.
- A person can also file ITR voluntarily.