Income Tax Return: These Indian citizens do not need to file income tax return, who are these people?
New Delhi : income tax return (income tax return) There is a fixed period for filing. Last date to file income tax return (Last date for ITR filing) is certain. Taxpayers are given extension after this date. This grace period is definitely paid. But due to lack of correct information, many people do not pay tax even during this period and then punitive action is taken against them. In some cases, there is also a provision for punishment. So if your income is taxable then you have to file income tax return.
ITR return is an application form. It is used to pay taxes. Indian Income Tax Account Certain taxes are levied on your income, wealth, ITR is submitted through electronic mode. Direct tax deposit option is available for senior citizens.
Taxpayer is a taxable person, artificial juridical person, a firm, public trust, trust, company or a unit of society. The individual is not required to attach any document while paying income tax. Only one form has to be submitted.
Taxpayer submits ITR using mobile number of Aadhaar card or internet banking. For this, e-verify through OTP. After this the process of submitting ITR application is completed. Certain categories were created for taxpayers. Accordingly, all taxpayers have to deposit tax within a specified period.
But, some people do not need to pay tax at all. Persons whose age is less than 60 years. His annual income is Rs 2.5 lakh. There is absolutely no need to pay tax to them. However, a person whose income exceeds this limit has to submit an ITR application.
The age of a person is more than 60 years and less than 80 years. Also, his annual income is three lakh rupees. Still the individual is kept in the tax net. They have to pay tax.
So the age of a person is more than 80 years and his annual income is Rs.5 lakh. That person need not pay tax. But there is an exception to this rule when the income limit is higher.
First, if you file ITR regularly, then you will not face any problem in getting the loan. ITR can be used to get Visa. When you apply for a visa, the embassy asks you to submit your ITR history.
For more Business updates, Click here.