It return filing
This query is : Resolved
21 November 2016
Hai,
My date of birth is 26.12.1996, am i eligible to file my income tax return as a major for the financial year ending 31.03.2015. Please explain.
My date of birth is 26.12.1996, am i eligible to file my income tax return as a major for the financial year ending 31.03.2015. Please explain.
21 November 2016
Yes u can file the return if u have a PAN.
21 November 2016
Please give me the reference section.
21 November 2016
There is no section as such. If U r a major then u r eligible to file ur IT Returns.
21 November 2016
In December 2014, that is during the financial year 2014-15 i cross 18 years. Am i consider as a major for that financial year.....?
21 November 2016
Yup, from that year u r major and eligible to file ur IT return independently.
21 November 2016
Let's understand whether you are required to file an Income Tax Return in India for for assessment year 2015-16.
Mandatory Filing – In the following situations the Income Tax Act its mandatory for you to file an Income Tax Return in India if any one of these is applicable to you: As per the Income Tax Act, in the following situations, it is mandatory for you to file an Income Tax Return in India:
Your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs.2,50,000 in the financial year that begins on 1st April 2014 and ends on 31st March 2015.
This limit is Rs 3,00,000 for senior citizens ( who are more than 60 years old but less than 80 years old) or Rs 5,00,000 for super senior citizens (who are more than 80 years old)
You are a company or a firm irrespective of whether you have income or loss during the financial year
You want to claim an income tax refund.
You want to carry forward a loss under a head of income.
Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs).
Or if you are a Resident and a signing authority in a foreign account. (Not applicable to NRIs or RNORs).
You are required to file an income tax return when you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
A proof of return filing may also be required at the time of applying for a loan or a visa.
I am an NRI. Am I required to file income tax return in India?
NRI or not, any individual whose income exceeds Rs.2,50,000 (for FY ending 31st March 2015 or Rs.2,00,000 for FY ending 31st March 2014) is required to file an income tax return in India. Note that for an NRI, income earned or accrued in India is taxable in India.
Is it mandatory to e-file income tax return?
A significantly large number of returns are e-filed and gradually the income tax department is hoping to bring all returns online. In any of the following cases the Income Tax Department has made it mandatory to e-file your Return.
you have to claim a refund
Your gross total income is more than Rs 5,00,000
You want to claim an income tax refund. Those who are over 80 years old and are filing ITR-1 or ITR-2 can still file a paper return to claim a refund.
ITR-3, 4, 5, 6, 7 have to be mandatorily e-filed.
Penalties for non-filing an income tax return?
Under section 271F, the assessing officer may levy a penalty of Rs 5,000 when you have not filed your return by the due date.
Best Regards
Suresha R, B.Com, CCA
Suresh & Assoicates
(Auditors & Tax Consultants)
No.15/36, 1st Floor, Palm Grove Cross Road,
3rd Cross, Victoria Layout,
Bangalore - 560 047
Mob : +91 88843 55543
Mob : +91 81230 07771
Phone :+91 080 4112 0431
Mandatory Filing – In the following situations the Income Tax Act its mandatory for you to file an Income Tax Return in India if any one of these is applicable to you: As per the Income Tax Act, in the following situations, it is mandatory for you to file an Income Tax Return in India:
Your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs.2,50,000 in the financial year that begins on 1st April 2014 and ends on 31st March 2015.
This limit is Rs 3,00,000 for senior citizens ( who are more than 60 years old but less than 80 years old) or Rs 5,00,000 for super senior citizens (who are more than 80 years old)
You are a company or a firm irrespective of whether you have income or loss during the financial year
You want to claim an income tax refund.
You want to carry forward a loss under a head of income.
Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs).
Or if you are a Resident and a signing authority in a foreign account. (Not applicable to NRIs or RNORs).
You are required to file an income tax return when you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
A proof of return filing may also be required at the time of applying for a loan or a visa.
I am an NRI. Am I required to file income tax return in India?
NRI or not, any individual whose income exceeds Rs.2,50,000 (for FY ending 31st March 2015 or Rs.2,00,000 for FY ending 31st March 2014) is required to file an income tax return in India. Note that for an NRI, income earned or accrued in India is taxable in India.
Is it mandatory to e-file income tax return?
A significantly large number of returns are e-filed and gradually the income tax department is hoping to bring all returns online. In any of the following cases the Income Tax Department has made it mandatory to e-file your Return.
you have to claim a refund
Your gross total income is more than Rs 5,00,000
You want to claim an income tax refund. Those who are over 80 years old and are filing ITR-1 or ITR-2 can still file a paper return to claim a refund.
ITR-3, 4, 5, 6, 7 have to be mandatorily e-filed.
Penalties for non-filing an income tax return?
Under section 271F, the assessing officer may levy a penalty of Rs 5,000 when you have not filed your return by the due date.
Best Regards
Suresha R, B.Com, CCA
Suresh & Assoicates
(Auditors & Tax Consultants)
No.15/36, 1st Floor, Palm Grove Cross Road,
3rd Cross, Victoria Layout,
Bangalore - 560 047
Mob : +91 88843 55543
Mob : +91 81230 07771
Phone :+91 080 4112 0431
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