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2024 income tax return filing: The ITR has been filed by which of the following individuals?

Submitted by admin on June 19th, 2024

So even in situations when tax is deducted at source, an income tax return or ITR must be completed. Some of the requirements include income over the exemption limit, foreign account balance, international investment, large deposit, high sales, and extensive expenses.

From my discussions with working people who receive a salary as proof of the fact that many of them including the middle class are under the impression that if they have paid their income tax through TDS, they do not have to file an ITR. Regarding the tax deduction at source, most of them believe that there is compliance with the law. People including pensioners feel that they do not have to file or fill their ITR because the bank does this for them and that is not true.

It is important to distinguish the duties of paying the right amount of tax through tax returns as well as submitting your income tax return.

In the first of two parts on the topic of ITR, the author shall answer the question of who is required to file an ITR. Even if you do not earn, or have zero years income in India you nonetheless have to file an ITR if you qualify under any of the following conditions.

Total amount reckon for base exemption Během RamsarHands in a tax year

Even if every one of your other revenues before subtracting several sections of chapter VIA, for example, 80 C, 80 CCC, 80 CCD, 80 D, 80 E, 80 G, 80 GGA, 80 TTA/80TTB and so on exceeds the fundamental exclude level. These sections are the investments and payments that allows you to deduct PPF, NPS, ELSS, NSC, school fees, life insurance premiums, medical premiums, payment made to IT authorities, Interest on education loans, rent paid by self employed, needy and principal repayment of house loan.

The interest earned on your fixed or savings bank account is taxed, but it falls under Section 80 TTA/ 80TTB. Thus, for one year ending March 31, 2024, the starting threshold of the exemption ceiling is ₹2. ₹50 lakh for an ordinary man, ₹3 lakh for the residents who crossed 60 years or are senior citizens, ₹5 lakh for the residents of over 80 years.

Under this new proposed tax system, the least tax-free amount of income is fixed at 300000 INR for every person, irrespective of age. When computing the ITR in which you seek to claim exemption for the long term capital gains, the basic exemption capiation is the figure arrived at from that addition. This will apply to everyone who sold their home and even if they do not have other substantial income, utilise the proceeds of the capital gains in purchasing of another home so as to be exempted under section 54 taxation.

Community, bank account, money held by assessee in India, shares or securities, signing power of attorney held by the resident assesse outside India.

So, if you are an Indian income tax resident, have any property with beneficial rights situated outside of the Indian territory, or owned any interest in property located in any other country for income tax purposes, you need to file your ITR. Subsequently, it does not matter whether you are a signatory to an account that is maintained overseas; you have to file your ITR. It is possible to have other kinds of assets, such as movable or immovable property in other countries, including India. There may be no money in a particular bank account, for instance due to opening an account while on a deputation or job abroad before forgetting to close it upon repatriation but one must still file their ITR.

Like the ITR, you are required to file here if you have Foreign Company Shares, Bonds, Mutual funds, or ESOPs irrespective of your income.

Spending more than a set amount on particular goods
Even if the energy connection is not in your name, you must file an ITR if you spent more than one lakh rupees in electricity payments in the previous year. Similarly, if you have been abroad for more than two lakh rupees, you have to file your ITR. As long as you have paid for the trip, you are protected regardless of whether the expense was expended for you or for someone else.

Deposits made in your bank accounts that exceed certain limitations

If you have deposited more money than the allowed amount in your bank account, you are required by law to file an ITR. This maximum for a current account is one crore rupees for one or more current accounts combined.

Fifty lakh rupees is the maximum amount that may be deposited into one or more savings bank accounts combined. Please be aware that any funds placed in your bank account, including those made by bank transfers, bank drafts, and checks, will be taken into consideration for this reason.

Turnover/gross receipts beyond a predetermined threshold and TDS

In addition to the aforementioned requirements, the law mandates that, in the event that you are a company owner and the total value of your sales surpasses sixty lakh rupees, you must submit an ITR regardless of your income level. Ten lakh rupees from the prior year is the threshold limit if you are continuing in your career.

If the total amount of taxes withheld from you or collected from you throughout the year exceeds twenty-five thousand rupees, you are also required to file an ITR. Nevertheless, a greater sum of fifty thousand TDS/TCS is applicable in your instance if you are older than sixty.

Expenditure on specific products rather than a certain number of pounds or dollars.

If the energy connection is not in the company/organization’s name for which you were formally working, then ITR filling is mandatory provided you have spent more than one lakh rupees in the previous year on electricity bills. In the same way, if you have paid for or spent on foreign travel over two lakh rupees, you need to file ITR. In as much as you have incurred the cost for the trip, they provide cover no matter whether the cost was incurred on your behalf or for somebody else For instance, the policy extends cover if you have paid for the trip whether the payment was made on your behalf or on behalf of another person for example children.

Check or deposit of your accounts for any sum over certain prohibitions

To say that if you have provided more information than required in the account you have put in the bank, then according to the ITR law you are required to file for an ITR. This maximum for a current account is Rupees one crore for one or more current accounts inclusive of any linked current accounts.

It comes to the condition that an individual may not deposit an amount which exceeds fifty lakh rupees, in one or more savings bank account. Before you get bothered, do bear in mind that any amount of money deposited into your bank account – whether through bank transfers, bank drafts or checks – will be considered for this reason as well.

Crossing a limit set for, it targets both turnover / gross receipts and TDS

Besides the requirements stated earlier, it is also prescribed by the law that, in case you are a holder of a company and the value of the sales have exceeded rupees sixty lakh; you need to file an ITR irrespective of the amount of income earned by you. Currently, the initial limit is ten lakh rupees from the previous year for; if one continues the same profession.

You are also required to file an ITR in the event that the total amount of computed and withheld taxes from you or collected from you for the on-going fiscal exceeds twenty-five thousand rupees. However, the basic amount of fifty thousand TDS/TCS will be implemented in your case if you are above the age of sixty.