Income tax return (ITR) is a statement that reflects the income earned by you from different sources, tax liabilities on your total income, the tax that has already been paid, balance tax payable or the refunds (in case any) receivable from the department.
Filing of the income tax provides proof for your income as legal and disclosed. It helps you in many ways such as getting refunds, building capital, getting loan, applying for tenders etc.
For category of individuals are compulsorily required to file return of income
For Individuals (Resident)
For Individuals (Non Resident)
- If you are less than 60 years of age and your total income exceeds Rs. 2,50,000.
- If you are 60 years or above and below 80 years of age, and your total income exceeds Rs 3,00,000.
- If you are a super senior citizen i.e. 80 years or above and your total annual gross income exceeds Rs 5,00,000.
For Company and Firm
- If you are a Non-Resident but your total income earned or accrued in India exceeds Rs 2,50,000.
- If you are a company or a firm, then you have to file a return irrespective of fact whether you have earned profit or loss during financial year.
: If an assessee do not falls in any of above criteria but wants to file return of income he or she can voluntarily file return of income.