Trader ITR Threshold: Indeed, there are threshold limits for income tax return (ITR) filing for traders and stores. The threshold limits are different for different categories of taxpayers.
For traders and stores, the threshold limits for ITR filing are as follows:
Individuals:
If the total income of an individual trader or store owner is more than RS. 2.5 lakh, they are required to file an Income tax return.
Hindu Undivided Family (HUF):
If the total income of a HUF trader or store owner is more than RS. 3 lakh, they are required to file an ITR.
Partnership firms:
If the total income of a partnership firm trader or store owner is more than RS. 40 lakh, they are required to file an ITR.
Limited liability partnerships (LLPs):
If the total income of an LLP trader or store owner is more than RS. 40 lakh, they are required to file an ITR.
The threshold limits for ITR filing are subject to change every year. It is advisable for traders and stores to check the latest threshold limits before filing their ITRs.
In addition to the threshold limits mentioned above, traders and stores may also be required to file an ITR if they:
Have income from other sources, such as rental income or interest income.
Have claimed deductions or exemptions under the IT (Income tax) Act.
To visit: https://www.mca.gov.in/
Have received any taxable gifts or inheritances.
Traders and stores who are unsure whether they are required to file an ITR should consult with a tax advisor.
For further details access our website: https://vibrantfinserv.com
