THINGS YOU NEED TO KNOW BEFORE YOU FILE YOUR INCOME TAX RETURN 2024

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INCOME TAX RETURN 2024: 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
income-tax-return-2024

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

Benefits of filling income tax returns (ITR)?

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

Most of us have heard at least a story about someone getting into problems for not paying their income tax return. Everybody thinks that if someone has paid all one’s taxes there isn’t any consequences even if someone misses the tax return filing deadline. This is not true even if all your income taxes have been paid, you would still lose out some benefits if you don’t file your tax return by the due date. Otherwise you might be penalised and fined for not filing IT (income Tax) return properly
The income tax department will send a notice that telling you have to file the tax return soon, and if you still don’t file your income tax return the interest keeps adding up till you pay

Who should pay this IT return ?

You have to file income tax return if your income
  • RS 2.5 lacs or above,
  • Rs 3 lacs for an individual over 60 years
  • Rs.5 lacs for an Individual above 80 years.
As per income Tax Provision.

Happy filing!

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