Most people believe that since there is no tax to pay they need not file their Income Tax Return (ITR) but this might not be true. Here is the post giving details about the following:
As per Income tax laws;
You need to file your income tax return if your gross taxable income (without any tax saving deduction) is more than the basic tax limit applicable for you.
Gross Taxable Income is defined as
Total Income for the financial year
(Minus) Conveyance Allowance, LTA, HRA, Profession Tax, Home loan interest, etc.
But before exemptions under Section 80C to 80U etc which includes investments such as ELSS, PPF, NPS, Insurance etc
Below is the Basic Tax limit:
Some Examples:
Other than the above you still need to file your ITR if you satisfy any of the following conditions:
Also Read: 4 Ways to generate EVC for e-verification of Income Tax Returns
Other than the categories of people described above who needs to mandatorily file ITR, we encourage everyone with income to file their ITR because of following reasons:
You would need to e-file your income tax return in case
However for citizens above 80 years of age, they can still file their returns in paper format if they are using ITR forms 1, 2A or 2.
The last date for filing income tax return for AY 2015-16 (FY 2014-15) is August 31, 2015. However in case you are carrying on a business and your accounts are required to be audited, the due date gets extended till September 30, 2015.
In case you miss the deadline for filing your ITR for AY 2015-16, you can still do it by March 31, 2016 without any penalty and up to March 31, 2017 with penalty. But in either case you loose on following benefits:
In case you do not file your income tax return for AY 2015-16 by March 31, 2016 (but should have filed as per IT laws), the assessing officer can put a fine of up to Rs 5,000 under section 271F after hearing the credits of your case.
Ideally everyone with income should file their IT return as it serves as valid proof of income. Paying taxes and filing returns are two different things and you should not default on either. So even if you paid all your taxes or have zero tax liability you must file your returns as per law.
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Sir i want to file my ITR return for the A.Y. 2015-16. Sir plz tell me the process for filling the return. I downloaded JAVA utility for A.Y. 2015-16 and in that Prefill option is not visible.
The process is same as you do for current year returns. I am not sure about pre-fill option. If you are filing ITR 1 you can do it from the Income tax website itself
Sir, I am unemployed for past 2 and 1/2 yrs. I have 2 fds in bank and NSCs in post office. The interest I get from these is less then the taxable limit (i.e. 2.5 L) . I have submitted 15G form in respective bank. Do I still need to file my returns. Please let me know.
Thanks in advance.
Its not compulsory for you to file tax return but it's good thing to do to maintain continuity.
kINDLY reply me on my query for filing the ITR on or before 31.7.2016. Whether I am supposed to file the ITR or not; as my income is Rs.60,000/-(Sixty thousand ) only.
You need to file your ITR only if your income is above income tax exemption threshold which is Rs 3 lakhs for senior citizens. However you can file your ITR if you want to claim any tax refund that might have been deducted. Check Form 26AS for the same.
I am a senior citizen of 63 years old. My total income is rs.Rs.60.000/-(Sixty thousand only. Is it required to file the income tax return for 2015-20126. Plz answer me immediately, because ITR filing last date is 31.7.2016. Thanks.
The last date of filing ITR has been extended to August 5.