Is it compulsory to file iTR
This query is : Resolved
12 August 2020
Dear Experts,
From AY 2020-21 is it compulsory to file ITR even if income is not chargeable to Tax,
If yes pls let me know relevant section/Rule thereof,
Thanks
Nikhil
From AY 2020-21 is it compulsory to file ITR even if income is not chargeable to Tax,
If yes pls let me know relevant section/Rule thereof,
Thanks
Nikhil
12 August 2020
Yes.
The government has amended the income-tax law vide the Union budget 2019 to introduce further conditions for filing tax returns by individual taxpayers whose gross total income is below the basic exemption limit. This condition is applicable from fiscal year 2019-20 onwards and individuals would be required to file a tax return in India if they meet any of the conditions mentioned below during the financial year:
•deposit an aggregate amount of `1 crore or more in current account(s) maintained with a banking company or a co-operative bank;
•spend `2 lakh or more on foreign travel for himself or any other person;
•incur an expense aggregating `1 lakh or more towards consumption of electricity; or
•fulfil any other conditions as may be prescribed.
The government has amended the income-tax law vide the Union budget 2019 to introduce further conditions for filing tax returns by individual taxpayers whose gross total income is below the basic exemption limit. This condition is applicable from fiscal year 2019-20 onwards and individuals would be required to file a tax return in India if they meet any of the conditions mentioned below during the financial year:
•deposit an aggregate amount of `1 crore or more in current account(s) maintained with a banking company or a co-operative bank;
•spend `2 lakh or more on foreign travel for himself or any other person;
•incur an expense aggregating `1 lakh or more towards consumption of electricity; or
•fulfil any other conditions as may be prescribed.
13 August 2020
Sir! Kindly let me know the section/clause in finance Act. 2019
23 August 2020
Please refer to seventh proviso to Section 139(1) of the Income Tax Act, 1961.
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