Should I file ITR even if income is not taxable?
Filing income tax returns is mandatory for those whose total income is more than Rs. 2,50,000. We recommend that you file your income tax return, even though it is not mandatory if total income isn’t over Rs. 2,50,000.
Do we need to file ITR if income is less than 5 lakhs?
Although you don’t have to pay taxes if taxable income is below 5 lakh you still need to file Income Tax Returns (ITR). If you fail to file the ITR, you may get a notice from the Income Tax Department.
Do I need to file income tax return ITR if my annual income is below ₹ 2.5 lakh of basic exemption limit?
2.5 Lakhs, they are not liable to file Income Tax Returns (ITR). However, this is a big misunderstanding; under some circumstances filing ITR is mandatory even if you earn less than Rs. 2.5 Lakhs.
Is Form 16 mandatory for below 5 lakhs?
Form 16 is the TDS certificate that the employer issues you when TDS is deducted by your employer. As income is below 2.5 lacs which is basic exemption limit, you do not have any taxable income. Therefore, Form 16 is not required.
What happens if we don’t fill ITR?
If an individual misses the income tax return (ITR) filing deadline (i.e., December 31, 2021 for this year), then he/she will have to pay a penalty at the time of filing belated ITR. However, there are certain individuals who can file their ITR without paying a penalty even after the expiry of the deadline.
Do you have to file an itr if your income is zero?
Income Tax Return Alert: If your income is up to Rs 5 Lakhs you pay zero tax, but you must still file ITR. Income Tax Return Alert: Those earning individuals who have business income, they must file their ITR even when their annual income is less than Rs 2.5 lakh. Photo: Reuters
Is it mandatory to file ITR if your annual income below Rs 5 lakh?
One can file IR both offline and online, however, there is confusion among some earning individuals whether it is mandatory to file ITR if they have an annual income below Rs 5 lakh or they can skip filing ITR in such case.
Do I need to file ITR if my GTI is over 250000?
If your GTI as well as Total Income both exceeds 250000, you are required to file return of income and pay taxes. It is advisiable to file ITR if you are planning for to obtain a loan (Home. Vehicle etc.) or planning to travel aboard, as the lenders and visa granting authorities ask for the income proof and the return wil
What is the threshold limit for filing ITR?
The threshold limit is the basic criteria for filing your ITR. So generally you do not have to file your ITR if your income is below the basic limit. However there are other criteria as well where even if your income is below the taxable limits.