INCOME TAX RETURN MUST EVEN IF NO TAX DUE

Simple Tax india


1) The Income Tax Act has placed an obligation on Taxpayer to file the Income Tax Return if the Gross Total Income of Taxpayer is more than maximum exemption limit, even if Taxpayer has no tax due. 


Gross Total Income Means Income Before deduction under chapter VI (Section 80C to 80U).


Suppose: A male person below 60 years age having Gross Total Income of  Rs 270000/- In  Fy 2011-12 and  saving u/s 80C of  Rs 100000/- then his Total Income =Rs 170000. In this given case Income tax return filing is mandatory even tax due is nil as Gross total income( Rs 270000/-) is more than maximum exemption Limit applicable to male below 60 years i.e Rs 180000/- 


Exception: Exception to this rule is for salaried person .If Salaried person fulfills few conditions then exemption from return filing up to five lakh Total taxable Income.


Read :Exemption from Income tax return filing to salaried person up to 5 lakh Income including 10,000 saving bank Interest. 
So you have to file your Income tax return in following case even there is no tax due (Except salary case  up to 5 lakh with many conditions as link given above)


Gross total Income more than maximum exemption Limit though total income after deduction is less than exemption limit.
Tax is payable but has already been deducted by the employer.
If Indian resident have Bank account in foreign or interest (share) in assets(movable or immovable outside India.
Return in case of Refund is also compulsory if person wish to claim refund.


2) As per Income Tax Act, for AY12-13, the maximum exemption limits are: 
· Rs. 1.80 lacs for Men below the age of 60, 
· Rs. 1.90 lacs for Women, below the age of 60, 
· Rs. 2.50 lacs for Senior Citizens, whose age is between 60 years to 80 years, 
· Rs. 5.00 lacs for Super Senior Citizens, of the age of 80 years or more, 


Income tax rate , slabs ,Deduction set off carry forward , deduction in capital gain at glance Fy 2011-12


3) e-filing is compulsory for the A.Y. 2012-13 onwards, for an individual or a Hindu Undivided Family if the total income exceeded Rs. 10 lakh. However, digital signature is not mandatory. Taxpayers, can also transmit the data in the return electronically, and thereafter submit verification of the return in Form ITR-V. 


Read compulsory e filing for HUF and Individual having income more than 10 lakh Notification in detail here 


4) Filing of Income Tax returns electronically under Digital Signature is mandatory for all company required to furnish the return in Form ITR-6 or for a firm, an individual or HUF, whose accounts are required to be audited. 


5) Now ITR e-Filing with Digital Signature is mandatory for Individual, HUF and Firms also to whom Audit provision u/s 44AB is applicable. 


6) For the Assessment 2012-13, it is mandatory to file your Income Tax Return if  resident Taxpayer has any foreign assets. Even though taxpayer may not have any taxable Income. 


7) The processing of e-filed Income Tax return is faster, and taxpayers get their refunds, if due, quickly. 


8) Do not forget to send you Income Tax Verification form (ITR-V) to “Income Tax Department-CPC, Post Bag No. 1, Electronic City Post office, Bengaluru,  560100 ”, by post, if you have filed your Income Tax return electronically. 


9) Filing of ITR-V is necessary for e-Return filed without Digital Signature. 


Read more about ITR-V 


10) Please visit “ITR-V Receipt status” on https://incometaxindiaefiling.gov.in to check receipt status for your ITR-V at CPC. If not received at CPC, then login to e-filing website, go to ‘My Account’ à ’My Returns’ and download ITR-V, Print it, Sign it and Post it to CPC, Bengaluru by Post. 


11) The due date for submission of ITR-V is 120 days from the date of upload of e-return. Otherwise, e-return uploaded will not be treated as return filed.