Those who wish to claim a refund on the excess tax deducted/income tax they've paid. It is important to note that the income amount should be calculated before factoring in the deductions allowed under Sections 80C to 80U and other exemptions under section 10.Īll registered companies that generate income, regardless of whether they've made any profit or not through the year. 3 lakh and for super senior citizens (aged 80 and above) the limit is Rs. For senior citizens (aged 60-79), the limit increases to Rs. Mentioned below are entities or businesses that are required to compulsorily file their ITRs in India:Īll individuals, up to the age of 59, whose total income for a financial year exceeds Rs 2.5 lakh.

Who should file Income Tax Returns?Īccording to the Income Tax Act, income tax has to be paid only by individuals or businesses who fall within certain income brackets. A delay in filing returns will not only attract late filing fees but also hamper your chances of getting a loan or a visa for travel purposes. The income tax rate is pre-decided for taxpayers. Is it mandatory to file Income Tax Return?Īs per the tax laws laid down in India, it is compulsory to file your income tax returns if your income is more than the basic exemption limit. If a taxpayer fails to abide by the deadline, he or she has to pay a penalty. Tax returns have to be filed by an individual or a business before a specified date. The income could be in the form of a salary, business profits, income from house property or earned through dividends, capital gains, interests or other sources. In case the return shows that excess tax has been paid during a year, then the individual will be eligible to receive a income tax refund from the Income Tax Department.Īs per the income tax laws, the return must be filed every year by an individual or business that earns any income during a financial year. The tax liability of a taxpayer is calculated based on his or her income.

HDFC Life Guaranteed Income Insurance PlanĪn Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department.

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