ITR Filing Rules: These 5 people will have to file ITR even if they have zero income, otherwise they will get notice

 

ITR Filing: Even if your income is less than the tax exemption limit i.e. ₹2.5 lakh (Old Regime) or ₹3 lakh (New Regime), you are required to file ITR (Income Tax Return) under certain circumstances. The Income Tax Department has given a list of 5 such cases in which it is necessary to file return even if the income is not taxable.

ITR Filing: Many people think that if their annual income is less than the tax free limit, then they do not need to file ITR (Income Tax Return). Although according to the Income Tax rules, it is not necessary to file ITR if the income is less than the exemption limit, but people falling in certain categories have to compulsorily file ITR. Failure to do so can result in a penalty or even a legal notice.

Now the question arises that under what circumstances it becomes necessary to file ITR, even if your income is below the income tax limit. Let us know about these 5 special categories, who have to pay tax as per the rules.

1. People who deposit more than ₹ 1 crore in current account

If you have deposited ₹1 crore or more in your current account in any bank within a year, then it is necessary to file ITR. Even if your taxable income is zero, you will have to file ITR. This rule applies to both cash and digital transactions.

2. People who spend ₹ 2 lakh or more on foreign travel

If you have spent ₹ 2 lakh or more on foreign travel in a year, then you will have to file ITR. Whether you have spent this on a personal trip or a business trip. This rule has been made to track your expenses and stop black money.

3. People who spend more than ₹ 1 lakh on electricity bill

If you have paid electricity bill of more than ₹ 1 lakh in a year, then filing ITR becomes mandatory. This rule covers those people whose declared income is less but expenses are more. With this, the Income Tax Department can check the gap between your income and expenses.

4. If TDS is deducted of ₹ 25 thousand or more

If TDS (Tax Deduction at Source) of ₹ 25 thousand or more is deducted on your income, then it is mandatory to file ITR. For senior citizens, this limit has been kept at ₹ 50,000. Its purpose is to ensure that those on whom tax has been deducted, show the correct account of their income.

5. People with foreign property or account

If you have any property in another country or have signing authority in a foreign bank account, then it is necessary for you to file ITR. This rule is to keep an eye on foreign income and assets. While filing ITR, you will have to give complete details of these properties.

Conclusion

Even if your annual income is less than the tax exemption limit, do not think that filing ITR is not necessary. The Income Tax Department has set certain conditions in which filing ITR is mandatory. This will not only keep you within the rules, but your record will also be clean for loans, visas and other financial facilities in the future.

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