Benefits of Filing ITR for a salaried Person, Pensioners and Business/Profession

ITR E filing should be done to get benefits are as under –

  • To get a visa or a loan
  • To claim Income Tax refund.
  • If you have earned or have invested  to foreign assets in the effective period.
  • ITR filing is mandatory if the taxpayer is a company or a firm, irrespective of profit or loss.
  • To report loss from business/profession/ capital gains, must file ITR so that the loss will be allowed to carry forward to the next years.

If your gross total income is more than the basic exemption limit-

  • 2.5 lakh – for individuals below 60 years of age
  • 3 Lakh –  for individuals 60 years to 80 years of age
  • 5 lakh – for individuals above 80 years of age.

ITR filing is mandatory for the individuals or firm / professionals  if the income is below the basic exemption limit in any of the following conditions:

  • If you have deposited more than 1 Crore rupees in ‘current’ Bank account.  This is not applicable for deposit into Post Office as of now.
  • If you have deposited more than 50 Lakh rupees in one or more of your  ‘savings’ Bank accounts.
  • If you have incurred a total expenditure of more than 2 Lakh rupees on foreign travel for yourself or other persons.
  • Mandatory ITR File if you have incurred more than 1 Lakh rupees towards electricity consumption during the effective period (FY).
  • If your TDS or TCS mount is more than Rs 25,000 ( Rs 50,000 for Sr Citizens)
  • If your Business turnover (Gross receipt) is more than Rs 60 lakh
  • If your professional income (Gross receipt) is more than Rs 10 lakh

For salary, pension and investment in bank, PO, Mutual Fund, Shares and other investment along with business income you must know the proper application of ITR form. If you have business income you cant choose ITR 1, If you are getting earning from Youtube or blog or freelancing, you cant choose ITR 1 or 2. Like this there are many clauses to choose the correct ITR Form. To know details kindly read the article below

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