Income Tax Return

Do you have to file Income Tax Return ?? Check this out to know!

Posted by awgadmin on July 26, 2015  /   Posted in Income Tax

Am I supposed to file income tax return??

Is this the question you’re thinking about?? Well many do!!

There was a rule in tax book that anybody earning up to ₹ 5 lakh a year will not have to file return if all taxes are paid and there is no income from other sources. Though this rule has been removed, still many people believe it to be there.
As per the law, If your gross taxable income is above the basic exemption limit i.e. ₹ 2.5 lakh a year (for AY 2015-16, FY 2014-15), you have to file your income tax return. Here the gross taxable income is the total income after claiming all exemptions such as HRA, conveyance allowance, etc. But beware, deductions allowed under section 80C or 80D are not be taken in account.
Therefore, a person with income of ₹ 3 lakh with no HRA or other exemptions but with deduction under 80C like life insurance premium of ₹ 1 lakh have to file income tax return, even though his net taxable income is below the limit and no tax is payable.
Same way, if a person has no tax payable on account of it has already been paid by employer or tax has been deducted at source (TDS) even then he is required to file return.
Moreover, if a person has to claim refund in that case also, he is required to file return.image-0001

What happens if you are supposed to file return but you don’t?

As per the law, the penalty for non-filing of return is ₹ 5,000, you may find text and mails coming from taxman asking you to file your return for previous years.
Matters can take a turn if you don’t respond to such pleas, the department can issue a notice in that case and not responding to such notices attracts further penalty.

The due date to file income tax return this year is 31st August, 15.

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