Civil Procedure Code (CPC)

Itr


Sir my friend has not filled itr from FY 2010-11 and now he want to update his itr. What my friend have to do. His Income is below Taxable limit. Plz suggest
 
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CEO

If your friends income is below  Rs.2 lakhs per annum he need not file tax return also.There is no compulsion regarding ITR.If you appreciate this answer please  convey my forum thanks by cliking  forum thanks.

 
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CEO

YOU CAN FILE ITR  1 OR ITR 2 IN CERTAIN CIRCUMSTANCES.UNder what circumstances you se below.If your annual income is below Rs,2,50,000 you need not even file income tx return. except under the following circumstances.

 ITR 1 or ITR 2 you'll have to file under certain circumstances. SEE below.If you appreciate this answer please click the  forum thanks.
 reason why you have to mandatorily file returns is to claim tax refund or set off losses. For instance, if you have suffered losses from stock market transactions and you want to carry it forward to the next year, you must file for a refund, even if your annual income is below the taxable limit, says Divakar Vijayasarathy, co-founder of Meeturpro.com, an online marketplace for tax, legal and regulatory services.

Or it could happen that despite your income being below the taxable limit, your employer has cut TDS (tax deducted at source). Or you earned some money through freelance work and the company deducted TDS at 10 per cent. But since your income is lower than the taxable limit, you are entitled for a refund. For claiming this refund, you have to file a return.

ALSO READ: Filing returns can be tricky if you play the stock market

Another case could be if you are earning rental income of more than Rs 1.8 lakh a year. In this case, the tenant has to deduct TDS. So, while you are entitled to refund, if you have no other source of income, you have to file a return to claim the refund, says Varun Advani, chief operating officer, makemyreturns.com, a registered e-return intermediary.

“ITR is a way to legitimise your financial standing and maintain a healthy financial transaction,’’ says Advani.

    Read More On
    Tax Return
    Tax
    Itr
    Loan
    Refund
    Tax-free Bonds
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