Income Tax Return: If you fit any one of these 10 places, file ITR today itself – who should file income tax return know itr filing last date
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Now it is important to know who should file income tax return. You can file ITR even if no tax liability is due on you. Such ITR is called Zero or Nil ITR.
They must file tax returns
If any of these 10 conditions mentioned below are fulfilled, then you need to file Income Tax Return.
1. Your gross total income (before deductions and exemptions) is Rs. 2.5 lakhs. (Rs 3 lakh for senior citizens and Rs 5 lakh for very senior citizens in the old tax regime)
2. Your total sales, turnover or gross receipts in business should exceed Rs 60 lakh.
3. Your total gross receipts from your profession should exceed Rs 10 lakh.
4. You have foreign assets or foreign income or have signing authority in a foreign bank account.
5. You have paid electricity bills of more than Rs 1 lakh in a year.
6. You have deposited Rs.50 lakh or more in savings account or Rs.1 crore or more in current account.
7. You have spent more than Rs 2 lakh on foreign travel.
8. Your TDS or TCS should be Rs.25,000 (Rs.50,000 for senior citizens) or more.
9. You have to claim refund of TDS or TCS paid.
10. You want to carry forward your loss to the next year.
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