Article
When should we file income tax returns?
As a responsible citizen, it is our duty to pay taxes, if we earn taxable Income and file Income Tax Return for the same within the stipulated time. In order to carry out this practice, we should be well aware of the due dates to file Income Tax Return.
What are the situations under which a taxpayer is required to File ITR?
Here are the following situations under which a taxpayer is supposed to file Income Tax Return -
- If the taxpayer is less than 60 years of age and earns gross income of more than Rs. 2, 50,000 Lakhs.
- If the taxpayer is more than 60 years but less than 80 years of age (i.e. senior citizens) and the gross total income of the taxpayer is more than Rs. 3, 00,000.
- If the taxpayer is more than 80 years of age (i.e. super senior citizens) and their gross total income exceeds 5, 00,000.
- If it is a company/ firm (irrespective of whether it has had income or loss during the financial year), it is supposed to file ITR
- If the taxpayer needs to claim income tax refund.
- If there is a need to carry forward a loss under a head of income.
- If the taxpayer is a Resident individual and has an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs).
- If one is a Resident and a signing authority in a foreign account (This is not applicable to NRIs or RNORs).
- A taxpayer is required to file an Income Tax Return mandatorily, when he/ she is 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, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
When should we file Income Tax Return?
Generally, the due date to file Income Tax Return for individuals, BOI’s, AOP’s and HUF’s is 31st day of July, of the relevant Financial Year. The businesses that require audit are supposed to file ITR by 30th September of the relevant Financial Year, on the other hand the businesses that require TP report are supposed to file their ITR by 30th November of the relevant Financial Year.
