Hi Buddy,
Before diving into your query of who should file Income Tax Return, let us understand that the income tax laws of India are drafted by the government. Individuals, Hindu Undivided Families (HUFs), corporations, firms, LLPs, associations of persons, bodies of individuals, municipal authorities, and any other artificial juridical person are all subject to a tax imposed by the government on their taxable income.
The amount of tax levied on a person is determined by his/her residency status under these regulations. While thinking about who all should file Income Tax Return, you should understand that every person who qualifies as an Indian resident is expected to pay tax on their worldwide earnings. Taxpayers must follow certain regulations while filing their Income Tax Returns each fiscal year (ITRs).
An Income Tax Return (ITR) is a document used to report information about your earnings and taxes to the Internal Revenue Service. A taxpayer's tax liability is computed using his or her income. If the return reveals that too much tax was paid during the year, the individual will be eligible for a refund from the Internal Revenue Service.
Income tax is only required to be paid by individuals or corporations who fall into particular income bands, according to the Income Tax Act.
Who should file return for income tax India:The entities or enterprises listed below are required to file ITRs in India on a yearly basis:
Individuals under the age of 59 with a total annual income of more than Rs 2.5 lakh. The maximum increases to Rs. 3 lakh for senior persons (aged 60-79) and Rs. 5 lakh for super senior citizens (aged 80 and above). It's worth noting that the income amount should be determined before taking into account the deductions available under Sections 80C to 80U, as well as additional exemptions available under Section 10
All registered businesses that generate revenue, whether or not they have generated a profit throughout the year
Those who desire to receive a refund for any excess tax deducted or income tax paid
Individuals withholdings or financial interests in companies based outside of India
Treaty-advantaged foreign businesses that conduct business in India
In a single financial year, NRIs earn or accrue more than Rs. 2.5 lakh in India
I conclude my answer. I hope this answer would help you with your query about who should file Income Tax Return.
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Authors Of The Question
Who Should File Income Tax Return?
ramit
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2022-04-12T17:11:34+00:00 2022-04-12T17:11:35+00:00Comment
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