ITR is a statement of an individual's annual gross income earned across different sources, his tax liabilities, taxes paid and refunds (if any) that the government is supposed to pay. An Individual is legally required to file ITR if his total income without allowing deductions under section 80C to 80U goes over the basic exemption limit. This action provides proof for the income as legal and disclosed.
Who needs to file Income Tax Return?
- Individuals with gross total income (before allowing any deductions under section 80C to 80U) exceeding Rs. 2,50,000 in a financial year, for resident senior citizens (between 60 years to 80 years) exceeding Rs. 3,00,000 and Rs. 5,00,000 for resident super senior citizens (above 80 years).
- Individual who wants to claim a tax refund for the financial year.
- Indian resident who owns an asset or financial interest located abroad and acts as a signing authority for any foreign account.
- Individuals with tax-exempt long-term capital gains from the sale of equity shares in a company or unit of an equity oriented mutual funds or unit of business trust for more than Rs.2,50,000.
- Income earned from the sale of a property which had been held under a charitable trust, religious trust, political party, educational institution, any authority, body or trust.
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