An Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has deposited an amount (or aggregate of amount) exceeding Rs. 1 crore in one or more current accounts maintained with a banking company or a co-operative bank. .
Is it compulsory to file ITR?
If you are an Indian citizen and your gross total income exceeds the taxable limit in a financial year, then you are required to file your income tax return (ITR) for that year. Similarly, those whose income does not exceed the taxable limit in a financial year are usually not required to file their return of income.
Is CA sign required to file ITR?
It is nowhere mandatory to get your returns assisted with some legal professional or institution. You can file all your tax returns by yourself if you have the knowledge of all basic rules and procedures.
Should I file ITR if my income is not taxable?
Can I go without filing a nil return? Filing income tax returns is mandatory for those whose total income is more than Rs. 2,50,000. We recommend that you file your income tax return, even though it is not mandatory if total income isn’t over Rs.
What happens if I dont file ITR?
“In case the taxpayer has taxable income and the taxpayer fails to file his return of income, then there are enabling provisions to levy penalty u/s 270A for equivalent to 50 per cent of the tax which may have been avoided by the taxpayer by way of such non furnishing of income tax return.
Can I file ITR for last 3 years now?
No, you cannot file an ITR for the last three years together, that is, in one year. … In case you have missed the extended deadline fixed for filing your ITR, you can still file your ITR with a penalty through a ‘Belated Return’ which was first introduced in the Finance Act of 2017. FILE YOUR ITR NOW!
Can I file ITR without help of CA?
Yes you can file your ITR without the help of CA just like you can take medicines for any illness without consulting a doctor.
How much does a CA charge for filing ITR?
As stated above, filing through a chartered accountant may entail a cost of Rs. 1500-2000 for the filing depending on the complexity of transactions in your tax returns. The online filing via syndicators like Clear Tax and H&R Block is still lower and costs anywhere between Rs. 500 to Rs.
Can CA file my ITR?
Answer: No. The person authorized by the company to file the Income Tax Return, can e-File the Income Tax Return of the company. Can a Chartered Accountant (CA) file Income Tax Forms like Audit Forms on behalf of the taxpayer? Answer: Yes.
Which income is not taxable in India?
Under Section 10(1) of the Income Tax Act, agricultural income is fully exempt from income tax. However, for individuals and HUFs, an agricultural income of more than Rs. 5000 is added to the total income.
Can a housewife file income tax return?
So as long as your wife’s total income does not exceed the basic exemption limit applicable to her based on her age, there is no problem even if she does not file her return of income. However there is no harm in filing the ITR as it may come handy while making visa application or for applying for home loan.
How much income is tax free in India?
As per interim budget 2019, Individual taxpayers having taxable annual income up to Rs. 5 lakh will get full tax rebate u/s 87A and therefore will not be required to pay any income tax. However Income tax Slabs and Rates will remain unchanged for the FY2019-20.