As taxpayers of our country, it is important that we pay attention to the annual changes in the tax base and the income tax schedule that applies to each of us. With the help of these tax commissions, we are basically able to determine the taxes we owe to the Government of India and the amount we are entitled to refund.
However, the question may arise as to whether it is subject to income tax. This situation is related to the fact that all income below the minimum tax exemption limit is generally tax exempt. A side question that arises in this context is whether this person is required to file an income tax return.
It is always considered prudent to file your income tax return accurately and on time, even if you are more or less over the taxable threshold. So the points listed below will ensure you actually file your tax return regardless of whether you fall on one of the plates.
Before we do that, let’s get acquainted with some very common terms in scenarios like this. This term is known as “NIL-ITR”. If my gross salary is below the exemption limit, I will file a NIL ITR, but I still want to file my income tax return. In such a case, you are not obliged to pay taxes to the government, so your liability is nil and therefore the rate of return he NIL-ITR.
Who Should File an Income Tax Return?
Without applying the provisions of Sections 10(38), 10A, 10B/10BA/154/54B/54D/54EC/54F, when calculating gross income (including income of another person subject to tax), each A person must file an income statement. / 54G/ 54GA/ 54GB Chapter VIA (exemption under Section 80C to Section 80U) exceeds the tax-free limit. H. You have exceeded the exemption limit.
An individual who is both a resident and a general resident of India is required to file an income return for the following reasons, even if the individual’s income does not exceed the maximum exemption limit:
- Beneficiary or otherwise owns assets (including financial interest in the company) outside India
- Have signing authority for accounts outside of India
- A beneficiary of assets (including financial interests of the company) located outside India.
- Beneficiaries of assets(including corporate financial interests) located outside India.
- Individuals or HUFs are required to file an income claim if they have traveled abroad for themselves or others and have earned more than Rs.
In addition, individuals or HUFs are required to file an income tax return if they incur expenditures of more than INR 1 million on electricity consumption, even if their income does not exceed the maximum deductible limit.