Now a days Income Tax Return (ITR) filing is very important and necessary for every assessee in the rapidly changing economic scenario. But I have come across the fact that with the increasing needs of filing ITR , “THE MYTHS ABOUT FILING ITR ARE ALSO INCREASING DAY BY DAY”.
These Myths include Myths Like I Am Making Very Less Profits Or I Am Making Losses, So I Don’t Need To File ITR, E-Filing Is Not Safe, My Refund Is Delayed By My Lawyer/Chartered Accountant (CA), I Have Paid My Taxes And No Refund Is Due To Me, Form 16 Itself Is An ITR, I Cannot File ITR Apart From My Usual Place Of Residence, and the myth that If I Don’t File Return I Am Safe.
So here are some of my efforts that definitely will help you to overcome these MYTHS about ITR filing as per Income Tax Act, 1961.
In Addition to this I am providing you the list where ITR filing is Mandatory in India:-
1. If the Gross Total Income (GTI) exceeds taxable limit prescribed by the Law, ITR filing is Mandatory.
2. If you are a Company or a Firm irrespective of whether you have profits or loss during the Financial Year.
3. If you want to claim Income Tax refund.
4. If you want to carry forward a loss under a head of Income.
5. If you are a Resident and have an asset or Financial Interest in an entity located outside India.
6. If you are a Resident and a signing authority in Foreign Account.
7. If you are in receipt of Income derived from property held under a Trust for Charitable or Religious purpose, Political Party, Educational Institute, News Agency etc.
8. If you are a Foreign Company taking treaty benefit on transactions in India.
9. If you have sold or purchased any property, during the Financial Year.
10. For every Non Resident Indian (NRI) Income earned or accrued in India is Taxable in India.
STAY AWAY FROM MYTHS/MISCONCEPTIONS AND FILE YOU ITR AND PAY TAXES WITHIN DUE DATES PRESCRIBED UNDER THA ACT AS APPLICABLE FROM TIME TO TIME.
DON’T ATTRACT SLEEPLESS NIGHTS BY GETTING INTO MYTHS.
CONSULT YOUR EXPERT ALWAYS BEFORE FILING ITR, THOUGH YOU KNOW HOW TO FILE IT.
Now I hope after this small Article I am successful to make a Layman to understand and Overcome the Myths about filing ITR. I hope I am able to make some Value addition in all of your knowledge and you have enjoyed the reading.
I will be back again with some more Interesting Articles related to Direct and Indirect Taxes.
Name: CA Manasi Amit Bhalerao