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ITR Filling

ITR Filling

Anybody who is less than 60 years of age and has an annual income more than Rs2. 5 lakh has to file income tax returns, according to the Income Tax Act. For senior citizens, the cut-off is Rs3 lakh, and for those who are more than 80 years old, the cut off is Rs5 lakh

Why is ITR Filling Important ?

It also helps you establish a good record with the I-T Department. Paying your income tax and filing tax returns provides on time is a must for all individuals. Doing so makes it less likely for you to fall foul of the Income Tax Department which might issue notices to you. Being tax complaint has other benefits too.

People whose gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs 2.5 lakh in FY 2018-19. This limit is Rs 3 lakh for senior citizens (aged above 60 but less than 80) and Rs 5 lakh for super senior citizens (aged above 80).