Podcast
Questions and Answers
What is the deadline for filing income tax returns (ITRs)?
What is the deadline for filing income tax returns (ITRs)?
What is the primary reason to avoid last-minute filing of ITR?
What is the primary reason to avoid last-minute filing of ITR?
What is one of the essential documents required for filing ITR?
What is one of the essential documents required for filing ITR?
Who must file an ITR if their total income exceeds the basic exemption limit?
Who must file an ITR if their total income exceeds the basic exemption limit?
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What is one of the additional conditions for filing ITR?
What is one of the additional conditions for filing ITR?
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What is the threshold for deposits in savings bank accounts that requires ITR filing?
What is the threshold for deposits in savings bank accounts that requires ITR filing?
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Study Notes
Filing Income Tax Returns (ITRs)
- The deadline for filing income tax returns is July 31.
- It is advised to avoid last-minute filing to minimize errors.
Eligibility for Filing ITR
- You must file an ITR if your total income before deductions exceeds the basic exemption limit.
- As a resident of India, you must file an ITR if you own any asset outside India as a beneficial owner or have an interest in any such asset.
- You must file an ITR if you have made deposits exceeding specified limits in your bank accounts, such as:
- ₹1 crore or more in aggregate in current accounts.
- ₹50 lakh or more across one or more savings bank accounts.
Filing ITR
- You can file your ITR through e-filing portals, apps, or with the assistance of chartered accountants.
- If filing independently, you'll typically file online via the income tax department's website.
- Ensure you have essential documents handy before filing your ITR.
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Description
Learn about the deadline for filing income tax returns, necessary documents and ways to file ITR. Avoid last-minute errors and file promptly.
