ITR submitting for AY 2022-23: Due date for revenue tax return (ITR) submitting for the Assessment Year 2022-23 or Financial Year 2021-22 is thirty first July 2022. So, an incomes particular person is suggested to file its ITR by the given deadline. It is advisable for these incomes people too, whose annual revenue is under the brink revenue tax restrict of ₹2.50 lakh. It would allow incomes particular person to keep away from automated revenue tax notices asking for why tax return hasn’t been filed.
According to tax and funding consultants, one cannot declare ITR refund on TDS deduction if she or he hasn’t filed revenue tax return. So, those that have TDS deduction, then they’re required to file revenue tax return even when their annual revenue is under the brink of revenue tax restrict i.e. ₹2.5 lakh every year.
On why it is prudent to file ITR even when your annual revenue is under threshold revenue tax restrict, Aarti Raote, Partner at Deloitte India stated, “It is advisable to file a nil income tax return even when for a couple of tax years the income is below the minimal income threshold that mandates tax return filing to ensure that there is no gap in the tax filings records. At times when one applies for passport renewal or some visa then the tax acknowledgement for the past years is necessary. Also at times there are automated notices sent by the tax department asking for reasons why tax return is not filed. Hence filing a return will avert these.”
Benefits of nil ITR
On advantages of submitting ITR even when one’s annual revenue is under ₹2.5 lakh, Sujit Bangar, Founder at Taxbuddy.com stated, “One can’t claim ITR refund against the TDS deducted by its employer or by any other paymaster. So, if your income is below basic exemption limit, then also it’s beneficial to file income tax return in certain situations.”
The Taxbuddy.com founder went on so as to add that in case you propose to use for any mortgage, might or not it’s a housing mortgage or client mortgage or private loans, the lending financial institution or establishment asks for I-T Return and also you submitting the I-T Returns offers much-needed confidence to the lender to sanction mortgage to you.
When your ought to file nil ITR
Sujit Bangar of Taxbuddy.com listed out the next circumstances when one ought to file ITR even when one’s annual revenue is under ₹2.50 lakh:
1] If ‘total taxable income’ is lower than fundamental exemption restrict and ‘gross complete revenue’ is greater than fundamental exemption restrict, then ITR must be filed.
2] If TDS is already executed, to get refund of the identical, ITR must be filed;
3] To apply for mortgage, visa and many others., ITR is required;
4] If one incurs the bills aggregating ₹1 lakh or extra in the direction of consumption of electrical energy, return ought to be filed;
5] If one has spent ₹2 lakh or extra on overseas journey for himself or some other individual, ITR must be filed;
6] If one holds any asset exterior India, please get your ITR filed;
7] If one is beneficiary of any asset exterior in India, please file your ITR; and
8] If one has claimed aid below tax treaty like DTAA, go forward and file ITR.
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