15/04/2024
Compulsory ITR Filing!
The Income Tax Department has identified 1.52 crore individuals who have the income or have had tax deducted at source (TDS) but did not file their returns.
When one must file an Income Tax Return (ITR)?
If you are a Company or partnership, ITR Filing is compulsory.
Other than that, ITR Filing is compulsory if:
- Total Income (without any deduction) is more than Slab Limit.
- Claim Refund
- Income/ Investment in Foreign Assets
- Carry forward Loss from PGBP
- Deposited more than 1Cr in Current Account
- Deposited 50Lakh or more in Saving Account
- Spent More than 2 Lakh on Foreign Travel
- Spent More than 1 Lakh on Electricity
- TDS/TCS 25K or more (50K Limit for Senior Citizens)
- Business Turnover of more than Rs. 60Lakh
- Professional Receipts more than Rs. 10 lakhs