If you want to claim an income tax refund įor carrying forward a loss under a head of income The profit or loss during the financial year is immaterial. This is also applicable to NRIs.Īs a company or a firm. If you are above 80 years, the limit is Rs 5 lakh. If you are a senior citizen (above 60 years and below 80 years), this limit is Rs 3 lakh.
Failure to file the returns can result in penalties from the IT department.Īs per the current law, income tax returns have to be filed mandatorily in the following circumstances:Īs an individual, the gross total income (before deductions under section 80C to 80U) exceeds Rs 2.5 lakhs in FY 2018-19. Returns are filed using the Income Tax Return of ITR Forms. The income tax department has laid out the procedure for filing the returns. ITR serves as proof of legal and disclosed income. ITR is a statement of from different sources, tax liabilities, income tax paid and the refunds provided by the government. Let’s see what Gaurav had to say about tax returns and how to file them.īefore we proceed ahead, let’s see why returns are filed.
She decided to ask Gaurav, who is a chartered accountant. As this is Nina’s first job, she is a bit clueless about why returns are filed. For the last few days, she has heard a lot of buzz about filing the tax returns.
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