INCOME TAX RETURN 2022: Income Tax Return is the standard proof of your Income if you do not file Income Tax returns annually, it means you are hiding your Income from the government. Filing Income Tax returns is compulsory if your gross total income is more than Rs.250,000 per year. People can be free from filing ITR, under the categories-
- For people aged 60 and more, the annual income is RS. 3 Lakh per year
- If you are a super senior citizen, above 80 and more, your income is RS. 5 Lakh per year
Who needs to file Income tax Return in India?
A person is required to file an “Income Tax Return” if his/her taxable income is more than INR 2.50 lakhs in a particular financial year
Filing Income tax Return is a legal responsibility of a Indian citizen and filing tax return is always helpful in the following
- For Immigration and visa processing
- Availing loan facility like, personal or home
- You can use it as a Net worth certificate /income proof.Applying for a higher insurance cover
- Most important is your peace of mind!
Documents required before filing income tax return?
- PAN number
- Form-16 issued by your employer (For Salaried Employees)
- Bank statement/passbook for interest on a savings account.
- TDS certificates are issued by banks and others.
- Interest income statement for fixed deposits.
- Form 26 AS
- Tax challans
- Bank account statements. etc…
You don’t have to submit any of these files to the Income Tax department during the process of filing tax returns, and even copies are also not required. These documents are only required to help you prepare your tax computation and you should keep these copies handy, in case the Income Tax department asks you to furnish them.
WHAT HAPPENS IF YOU DO NOT FILE YOUR INCOME TAX RETURN
Who should pay this IT return ?
- RS 2.5 lacs or above,
- Rs 3 lacs for an individual over 60 years
- Rs.5 lacs for an Individual above 80 years.