The Income Tax Department is sending reminders for filing returns before the deadline to taxpayers through SMS, email. The department is also reminding taxpayers about this on Twitter.
The last date for filing Income Tax Return is approaching. The Income Tax Department is sending reminders for filing returns before the deadline to taxpayers through SMS, email. On Twitter also, the department is reminding taxpayers about this. Is it necessary for every employed person to file income tax return? Is it necessary to file return even if there is no tax liability?
According to the income tax rules, if a person’s annual income is up to Rs 2.50 lakh, then he is exempted from tax. It is not mandatory for such a person to file income tax return. But, tax experts say that filing income tax returns is beneficial even if the annual income is low. For the income earned in the financial year 2021-22, you have to file the return by July 31, 2022. After this, there will be a penalty for filing the return.
If TDS deduction has been done despite low income, then the refund will be available only when you file income tax return. Therefore, it will be beneficial for such people whose annual income is less than the tax exemption limit of Rs 2.5 lakh, if their TDS is deducted, then it will be beneficial for them to file a return. Experts also say that banks ask for ITR returns when applying for a housing loan or any other loan. The confidence of the bank on the customer increases when the ITR returns are given.
Experts also say that if a person’s taxable income is less than the exemption limit from income tax, but the gross total income is more than the exemption limit, then it is necessary for him to file income tax return. If a person pays an electricity bill of Rs 1 lakh or more, then it is necessary for him to file a return.
If a person has spent Rs 2 lakh on his own foreign travel or foreign travel of another person, then it is necessary for him to file income tax return. Even if a person has assets abroad, it is necessary for him to file a return.
The last date for filing income tax returns this year is July 31. In the last two years, the income tax department had extended the date for filing income tax returns. The reason for this was the corona epidemic. Last year, the last date for filing returns was December 31 instead of July 31. But, this time the Income Tax Department has not yet extended the date of return filing.
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