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Is it necessary to file ITR after registration?
Yes, it is compulsory to file income tax returns (ITRs). Not filing returns will not only attract penalties but can also hamper your chances of getting a loan, or a visa for travel purposes or property registration.
What will happen if I don’t file ITR?
Until the assessment year, i.e., AY 2017-18 there was no penalty for filing belated income tax returns. Now, as per section 234F, an individual would have to pay a fee of up to Rs 10,000 for filing ITR after the due date.
Is it mandatory to file ITR for salaried person?
If you have income above Rs 50 lakhs , you can file ITR 2 ,ITR 3 or ITR 4 (Sugam) depending upon your source of income. If you are salaried individual having income above Rs 50 lakhs, you should file ITR 2. And if you are having income from business or profession, then you should file ITR 3.
Who is required to file a tax return 2021?
If you meet the single status tax filing requirements and you’re under 65, you must file if your federal gross income was $12,400 or more. If you’re 65 or older, you must file if your federal gross income was $14,050 or more.
Is it mandatory to file income tax return for income less than 5 Lacs?
So in your case as your taxable income is Rs. 4 lakh which is below Rs. 5 lakh, the threshold limit, for availing the rebate under Section 87A, you will not have to pay any tax in respect of your income but still you will have to file your ITR.
Who should file income tax returns?
Here’s what you should know about when to file tax returns and who has to file income tax return. Filing IT returns is mandatory for those who earn a certain amount of annual income. So the answer to the question who should file tax returns is anyone and everyone who earns income from their job, business, consultancy services, etc.
Which ITR form for NRI?
If you are an NRI and you have income in India, other than income from a business or a profession then ITR form applicable for you is ITR2. If an NRI has income from business or profession also then applicable form is ITR3 .
Do you need to file a tax return?
You may not have to file a federal income tax return if your income is below a certain amount. But, you must file a tax return to claim a refundable tax credit or a refund for withheld income tax. Find out if you have to file a tax return. If you find out you need to file a tax return, learn how the process works, when your return is due, and more.
How to file income tax return online?
1) Visit the official Income Tax e-filing website and Click on the ‘Login’ button. 2) Next, Enter Username then Click continue and After enter your Password. 3) Once you have logged into the portal, click on the tab ‘e-file’ and then click on ‘File Income Tax Return’. 4) Select the Assessment year for which you wish to file your income tax returns and click on ‘Continue’. 5) You will then be asked whether you wish to file your returns online or offline. 6) Choose whether you wish to file your income tax returns as an individual, Hindu Undivided Family (HUF), or others. Choose the option ‘individual’. 7) Choose the income tax returns (ITR) you wish to file. 8) The next step will ask you the reason for filing your returns above the basic exempted limit or because of the seventh provision under Section 139 (1). 9) Fill in the details of your bank account. If you have already provided the details of your bank account, then pre-validate it. 10) You will then be directed to a new page to file your income tax returns. The page will contain a lot of information filled already. 11) The final step is to verify your returns and send a hard copy of if to the Income Tax Department. The verification process is mandatory.