Income Tax Return Latest Updates: If you are an Indian citizen and you area earning salary which goes more than the taxable limit in a financial year, then you have to file your income tax return (ITR) for that year. In the similar manner, people whose income does not exceed the taxable limit in a financial year are not supposed to file return of income. However, this is not true in all cases and some people have to file ITR even if their gross total income doesn’t exceed the taxable limit.Also Read - Income Tax Return: Taxpayers Can E-Verify Their Returns in 6 Different Ways | Details Here
You need to file ITR if the gross total income (before claiming the specified deductions /exemptions) exceeds the basic exemption limit of Rs 2,50,000 during a particular financial year. However, if the income threshold is not met, then an individual can also file the income-tax return in certain cases. Also Read - Income Tax Return: These 4 Benefits Taxpayers Must Avail While Filing ITR | Details Here
1) In case, the Individual holds any asset (including financial interest in any entity) located outside India. Also Read - Income Tax Department Issues Refunds for Over 1 Crore Taxpayers. Check Status Here
2) If the individual has signing authority in any account located outside India.
3) Individual being beneficiary of any asset (including financial interest in any entity) located outside India.
Furthermore, the Central government has also in Union Budget 2019 added the categories of individuals who should also file the tax return irrespective of their income threshold.
1) Individual who has deposited a sum of more than Rs 1 crore in a financial year in any current account.
2) Individual who has made an expenditure on foreign travel of more than Rs 2 lakh in a financial year.
3) Individuals who have incurred electricity expenses of Rs 1 lakh or more in a financial year.