Income Tax Return filing: Meet these 5 criteria? Then you must file your ITR today

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August 31, 2018 1:19 PM

Income Tax return filing is mandatory if you want to claim income tax refund or carry forward a loss under any head of income.

Income Tax Return 2018-19, income tax return filing, income tax return last date, income tax return file last date, itr filing process, what not to do while filing itr, what not to do while file income tax return in india, itr 2018, business news in hindiIn the case of individuals, if gross total income exceeds Rs 2,50,000, then it is mandatory to file ITR.

Income tax return is the proof of your income and on the basis of the return filed, the taxability of an individual is determined. From the assessment year 2018-19, the Ministry of Finance has introduced a fee for default under section 234F. You will have to shell out Rs 5,000 if the return is furnished after 31st August and before 31st December. The fee will be doubled if the return is filed after the 31st of December. However, there is a small relief wherein, if the total income of the person does not exceed Rs 5 lakh, then the fee payable shall not exceed Rs 1,000.

In order to avoid the fine, it is advisable to file the return on time. However, if you are unsure whether you qualify for filing the return or not, then keep reading. Here are 5 cases when filing the income tax return is mandatory:

ALSO READ: Income Tax Return Filing: How incomes from other sources are taxed

1)In the case of individuals, if gross total income (before allowing any deductions under 80C to 80U) exceeds Rs 2,50,000, then it is mandatory to file ITR. The limit to file the return and liability to pay the tax is Rs 300,000 for senior citizens. Senior citizens are individuals who are more than 60 years but less than 80 years old. The limit is Rs 500,000 for super senior citizens, who are more than 80 years old. However, a company or a firm is required to file an income tax return irrespective of any income, loss or NIL income.

2) If you want to claim income tax refund, then the filing of income tax return is mandatory. Similarly, for carrying forward a loss under any head of income, income tax return filing is mandatory.

3) Filing of income tax return becomes mandatory if you are an Indian resident and possess any asset or financial interest located outside India. Filing of income tax is mandatory even when an Indian resident acts as a signing authority for any foreign account.

ALSO READ: Income Tax Return Filing: Avail these deductions to reduce your tax liability

4) Income tax return filing is mandatory even when you are in receipt of income derived from property held under a trust for charitable or religious purpose or a political party or a research association, news agency, educational or medical institution or trade unions.

5) If you have long-term capital gains of more than Rs 2.5 lakh from the sale of equity shares or sale of the unit of equity-oriented funds or sale of the unit of a business trust which is exempted, then you are required to file ITR. Even in the case of exempted income, income tax return is mandatorily required to be filed.

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