The process of filing income tax returns (ITR) has started. By 10:30 am on June 2, 54,389 income tax returns had been filed. Of these, 48,975 verifieds have also been done. The Income Tax Department has given permission for Excel utility based returns on May 30. Despite this, the online return filing has not started yet. The question is, for whom it is necessary to file income tax returns?
If you are a salary employee, freelancer or business owner or you are a person who does not have an income taxable, then there are many situations in which it is necessary to file ITR or it is beneficial to file ITR. Let us know about the conditions when you need to file returns:
1. If the income is more than the basic exhalation limit
In the financial year 2025-26, the Exgption Limit is Rs 4 lakh under the new regimen of income tax. The exgamption limit is Rs 2.5 lakh for a person under 60 years of age under Old Regim. It is Rs 3 lakh for Senior Cities and Rs 5 lakh for Super Senior Cities.
2. ITR will have to file less than income exgamption limit
-If you have deposited more than 1 lakh crore rupees in one or more current account in a financial year.
-You have spent more than 2 lakh rupees on yourself or someone else’s foreign trip.
-Your electricity bill in a financial year is more than Rs 1 lakh
-25,000 or more TCS/TDS has been deducted (Rs 50,000 for Senior Citizens)
-If you have assets abroad or the authority of a foreign account
-If you have a company or firm
Filing income tax returns helps in these conditions
-To claim the incidence tax refund (if TDA is cut from bank account or salary.)
-For visa or loan application
-Loss Carrie to forward
-For Financial Credibility
Which form will be right for you?
Such a resident engine (not HUF) whose salary income is up to Rs 50 lakh. Whose long term capital gains are up to Rs 1.25 lakh. Those who have a house property, which have income from other sources including interest.
Such individuals and HUFs who have income from capital gains, which have more than one house property, foreign income/assets, but no business or professional income.
Such individuals and HUFs who have income from business or profession (including partners).
It is a Principal Income for Resident Individuals, HUFsh and firms which under section 44 AD, 44 ADA or 44 AE and income up to Rs 50 lakhs.
Partnership form, LLP, AOP, BOI, Cooperative Society and other individuals who do not use ITR-7.
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Except for such companies, other companies that claim exhalation under section 11.
Trust, political parties, research institutes, universities or for funds that claim eggsmption under section 139 (4A) to Sexon 139 (4F).