Income Tax Returns: When And Who Shall File Them? Want To Know?

By | August 23, 2019

      How important is filing ITR? Well filing ITR is mandatory for those who earn a certain amount of annual income. So, basically the answer to the question who should file tax returns is anyone and everyone who earns income from their respective jobs, business, etc. Nationlearns, Best Free Online Financial Advisory Portal gives a clarity upon this important topic.
When shall you file income tax?
To avoid penalities, income tax returns has to be filed within a pre-determined due date. For the Financial Year 2018-2019/ Assessment Year 2019-2020), tax returns must be filed before 31 July 2019 for individuals and by 30 September 2019 for businesses. Well filing ITR can be a tedious task but it comes with a number of advantages.
Benefits of filing tax returns
To start with, filing IT returns makes you a responsible citizen of your nation.
It can boost chances of getting a suitable home loan if you apply for one in the future.
We get to see that some credit card companies demand proof of tax returns before issuing a card.
It is easier for individuals to enter into future transactions with minimal complications as income is recorded by the tax department.
In cese when you want to claim adjustment against past losses, a return is compulsory. Filing returns may prove useful when someone needs to file a revised return. A person cannot file a revised return unless he/she has filed the original return.
Why should you file income tax return?
If your income level does not qualify for mandatory filing returns, it may be a wise choice to voluntarily do so. The returns can serve as proof of your income if you apply for a loan as a co-borrower. Like if international travel is on your list, IT returns can be useful when applying for a visa. In most states, registration of immovable properties requires advancing as proof of tax returns for the last three years.
Who should file income tax return?
Assesses whose gross total income is over the exemption limit for the year. The limit is 2.5 lakhs for those below 60 years, 3 lakhs for those between 60 and 80 years and 5 lakhs for those over 80 years.
NRIs except those covered u/s 115AC having taxable income.
Individuals who have suffered a loss from business or profession or speculative business or capital loss.
A resident who has signing authority in any account located outside India.
Individuals HUF, AOP, BOI who have taxable income or taxable income before making deduction u/s 10A or 10B or 10BA or under chapter VIA exceeding the basic exemption limit.
A person who claims relief under sections 90 or 90A or deductions under section 91
Individuals who don’t have taxable income and deposited TDS or advance tax payment should file income tax. One can file income tax return even if they don’t have taxable income.
With the help of this article presented by Nationlearns, India Best Financial Advisory Portal hope you got an idea about income tax returns. So, now filing income tax returns has made easier and less time consuming than it was before. Based on various criteria, there are different forma available for filing returns. You need to ensure that you understand these guidelines and follow them perfectly to avoid any trouble later.

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