ITR Filing: Every year the last date for filing income tax returns is 31st July. However, sometimes the Income Tax Department extends the date for filing returns if necessary. If your income is more than the basic exemption limit, then it is necessary for you to file a return.
ITR Filing: Many people do not file their income tax returns by the due date. Some do not file returns because they assume that there will be no harm from it. Some feel that since their employer has deducted TDS from their monthly salary, they are no longer responsible for paying tax. Form-16 shows the TDS deducted by them. But, this is not correct. If your income is more than the basic exemption limit, then it is necessary for you to file an income tax return.
For whom is it necessary to file a return?
In the financial year 2023-24, the Basic Exemption Limit for a person below 60 years of age is Rs 2.5 lakh. For a person between 60 and 80 years of age, it is Rs 3 lakh. For a person above 80 years of age, it is Rs 5 lakh. There are some other conditions for this, in which it becomes necessary to file Income Tax Return. For example, if you have deposited Rs 1 crore or more in one or more current bank accounts, then it is necessary for you to file a return. If you have spent more than Rs 2 lakh on foreign travel for yourself or someone else, then also it is necessary to file a return. If you have paid electricity bill of more than one lakh rupees, then also you have to file a return.
What is the rule for business people and professionals?
It is mandatory for business people to file a return if their sales, turnover or gross receipt is more than Rs 60 lakh. If the gross receipt of a professional is more than Rs 10 lakh, then he has to file a return. If the total tax collected or deducted is Rs 25,000 or more, then also you have to file a return. If the aggregate deposit in the savings account is more than Rs 50 lakh, then income tax return has to be filed.
It is also necessary to file return on advance tax payment
If advance tax has been paid, then also it is necessary to tell about it through ITR so that self-assessment of income and tax is completed. Apart from this, if you have suffered a financial loss which you want to carry forward and adjust with your future income, then you have to file the return before the due date.
What will happen if the return is not filed?
It is necessary to file income tax return by 31 July. If for any reason a taxpayer is unable to file the return by 31 July, then he can file the return by 31 December. This is called belated return filing. If you file the return after 31 July but by 31 December, then you will have to pay penalty and interest on tax.
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