ITR Filing for Individuals and Entities Not Liable for Tax Audit: Due by July 31, 2024. ITR Filing for Taxpayers Under Tax Audit (excluding those involved in transfer pricing): Due by October 31, 2024. ITR Filing for Taxpayers Covered Under Transfer Pricing: Due by November 30, 2024. Due Date for Revised/Belated Return of Income for FY 2023-24: December 31, 2024.
Eligibility for Income Tax Filing
In India, the obligation to do ITR e filing arises under certain conditions. One of the primary criteria for Income tax e filing is when your gross total income exceeds the basic exemption limits, which are age-dependent:
- Particulars : Individuals under 60 years: 2.5 lakh
- Particulars : Individuals between 60 and 80 years: 3.0 lakh
- Particulars : Individuals over 80 years: 5.0 lakh
However, there are other specific circumstances that required for an income tax filing, even if your income is below these thresholds:
- High-value Transactions: You are required to do Income tax filing if you have:
- Deposited Rs 1 crore or more in one or more current bank accounts.
- Deposited Rs 50 lakh or more in one or more savings bank accounts.
- Spent over Rs 2 lakh on foreign travel.
- Incurred electricity expenses exceeding Rs 1 lakh during the financial year.
- Had TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) exceeding Rs 25,000 (or Rs 50,000 for senior citizens).
Documents Required for ITR e Filing
- General Documents for ITR filing
- PAN (Permanent Account Number): Essential for every kind of financial transaction and tax-related activity.
- Aadhaar (Linked to PAN): Required for verification and linking to your tax records.
- Bank Account Details: We need to process any potential refunds or verify financial details.
- Income-Related Documents
- Salary Slips: To verify your income from employment.
- Rent Receipts: If you are claiming House Rent Allowance (HRA).
- Form 16: Issued by your employer, detailing the tax deducted at source on your salary.
- Form-16A: For TDS on Income other than salary.
- Form-16B: For TDS on the sale of the property.
- Form-16C: For TDS on rent.
- Form 26AS: Your tax credit statement, which shows all taxes that have been deposited against your PAN.
- Deductions and exemptions-related documents
- Interest Certificates: These are from banks and post offices for savings accounts and fixed deposits.
- Home Loan Details: If you’re claiming deductions on home loan interest.
- Proof of Tax-Saving Instruments: Includes life insurance, health insurance, Public Provident Fund (PPF), National Savings Certificates (NSC), ELSS mutual funds, etc.
- Income from Capital Gains: Documents related to the sale of assets like stocks or property.
- Rental Income: Lease agreements and rent receipts if you have rental property.
- Foreign Income and Dividend Income Proofs: Documents verifying income from foreign sources and dividends.
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