Questions and Answers
What is the deadline for filing income tax returns (ITRs)?
July 31
What is the primary reason to avoid last-minute filing of ITR?
To avoid errors
What is one of the essential documents required for filing ITR?
Form-16
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?
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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.
