Is it mandatory to file Income Tax Returns? Or, based on my income, am i exempt from filing IT returns?
Answer 001
If you are an individual (other than a company or a firm) than you will have to file your return if your "Gross Total Income" before any deductions is more than the exemption limit. Deductions in this case will be the usual Section 80C to 80U deductions.
The Minimum Exempt Income limit is as follows:
- In case of every individual, whether male or female the limit is Rs. 2, 00,000.
- In case of an individual who is 60 years or more at any time during the Financial Year i.e. a Senior Citizen than the minimum Exempt Limit is Rs. 2,50,000.
- In case of an individual, who is 80 years or more at any time during the Financial Year i.e. a Super Senior Citizen than the minimum Exempt Limit is Rs. 5,00,000.
Though it may not be mandatory for you to file your ITR, but remember to keep evidences of all your income - like your Form 16A, Form 26AS etc.
IT department can ask for these evidences any time in the next 5 years and the onus to prove your income is on you.
For continuity sake, however, it is highly advisable to continue to file your IT returns. You might need it at other places like taking loans etc.
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Cheers
Manoj Arora
Freedom can buy you....what money cannot !!
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