ITR Filing- Under the Income Tax Act, there are some situations in which a person needs to file ITR even though his total income is less than the exemption limit.
New Delhi. You must be aware that it is mandatory to file Income Tax Return (ITR) if the taxable income exceeds the exemption limit. However, under the Income Tax Act, there are some situations in which a person is required to file ITR even though his total income is less than the exempt limit.
In this regard, Naveen Wadhwa, Chief Executive Officer, Taxmann said that ITR should be filed if income exceeds the maximum amount which is not taxable before exemption from capital gains (Section 54 to 54GB). Apart from this, ITR is necessary even if a citizen has assets abroad or is a signing authority in an account outside the country.
Know when to file return
If a person has deposited an aggregate amount of Rs 1 crore or more in one or more current accounts during the financial year, he will still have to file ITR. Return should also be filed if expenditure exceeds Rs 2 lakh during the financial year on foreign travel of oneself or any other person.
Know what the experts say?
Kapil Rana, Founder and Chairman, HostBook Ltd, said that even if a person has spent Rs 1 lakh or more for electricity consumption during the financial year, he will still have to file ITR. People not having taxable income can also file ITR for other purposes like bank loan, visa, credit card application.
Last date for filing ITR extended The
Central Board of Direct Taxes (CBDT) has extended the last date for filing Income Tax Return (ITR) to 30 September. Earlier this date was 31st August. This change has been made under Section 3 of the Direct Tax Vivad Se Vishwas (VSV) Act. Due to technical shortcomings in the new portal of Income Tax Department, taxpayers were finding it difficult to file returns.
