Who needs to file an ITR Individuals and entities that are liable to pay income tax in India are required to file an Income Tax Return. Let’s define Who needs to file an ITR Filing Income Tax Returns is necessary because it’s a legal requirement and it helps to declare income accurately, calculates tax liability,… Read More »
ITR for capital gains If you have capital gain, you will generally need to file ITR-2. Income Tax Return-2 is applicable for individuals and Hindu Undivided Families (HUF) who have income from sources other than business or profession. These are typically categorized as “Income from Capital Gains” in ITR-2. However, it is important to… Read More »
ITR Filing is Mandatory Income tax return (ITR) filing is mandatory in several situations in India. Here are ten common scenarios where individuals are required to file their ITR: ITR filing is mandatory in 10 situations: 1. Income above Basic Exemption Limit: If your total income before claiming any deductions exceeds the basic exemption… Read More »
Where to file ITR Where to file ITR, Income Tax Returns (ITR) in India can be filed electronically through the official website of the Income Tax Department of India, known as the e-Filing website. Here are the steps to file ITR in India: 1. Visit the e-Filing website: Go to the official e-Filing… Read More »
Income Tax filing The requirement to file an ITR depends on various factors, including the individual’s income level, residential status, and specific conditions outlined in the Income Tax Act, 1961. 1.Income Threshold: Individuals with a total income exceeding the prescribed threshold are generally require to file an ITR. The income threshold varies based on… Read More »
ITR Filing Last Date What is the Last Date for Filing ITR? Filing your Income Tax Return (ITR) on time is crucial for avoiding penalties and ensuring compliance with tax regulations. Understanding the last date for ITR filing helps you manage your finances and avoid last-minute stress. Here’s a quick guide to the… Read More »
How to check ITR filing status How to check ITR filing status, To check the status of your Income Tax Return (ITR) filing, you can follow these steps: Visit the official website of the tax authority: Go to the official website of the tax authority in your country (e.g., the Income Tax Department of… Read More »
How to open ITR file To open an Income Tax Return (ITR) file, you can follow these steps How to open ITR file Save the ITR file: Ensure that you have the ITR file saved on your computer or device. The ITR file typically has an XML format and is generated when you complete the… Read More »
ITR filing of individual ITR filing of individual: To file your Income Tax Return (ITR) as an individual, you can follow these steps: Gather your documents: Collect all the necessary documents, including your PAN (Permanent Account Number), Aadhaar card, bank statements, Form 16 (if applicable), investment statements, and other relevant financial documents. Determine the… Read More »
Eligible for ITR file In India, the following individuals and entities are generally eligible for filing an Income Tax Return (ITR): 1. Individuals with taxable income: Individuals who have earned taxable income during the financial year need to file an ITR. This includes salaried individuals, self-employed individuals, professionals, and freelancers. 2. Companies and firms:… Read More »
