Income Tax

Essential Criteria For Filing Income Tax Return

Filing income tax return is mandatory in India, and thus every citizen of India must file it every year without fail. It is essential that every taxpayer files the tax before the deadline issued by the income tax department. One has to follow specific rules and regulation when filing the income tax return. Tax return filing in India can be done manually or electronically. Here you would know about the common criteria one has to qualify for filing income tax returns.

· An individual must file the income tax returns when his/her income is more than Rs.2, 50,000. The income limit for senior citizens who are more than 60 years is Rs.300,000. The income limit for super senior citizens is Rs.800,000, and they are people who are more than 80 years of age. Thus one has to check their income limit and their age when filing income tax returns. Companies, firms etc. should file tax returns irrespective of their income.

· Income tax return filing becomes mandatory when one has to file refund for the extra tax paid to the Government. Thus for carrying forward the loss of your previous year, this process would be helpful.

· It is mandatory for an Indian citizen to file income tax returns when he holds an asset in other countries. One must file the income tax returns when the individual is a signing authority for a foreign account.

· It is mandatory that you submit the income tax returns when you earn income from the property owned by the charitable trust, political party, educational institute etc.

· People who own long term capital gain must file their income tax returns without fail.

The above are the standard criteria for filing income tax returns.

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