Filing of Income Tax Return

Every individual having income exceeding rupees 5 lacs is obliged to file his ITR electronically. Likewise any ITR where any refund is claimed is to be filed electronically. However ITR having taxable income less than rupees 5 lacs may also be filled manually. Individuals with Taxable income below rupees 2.5 lacs are not liable to file any ITR but if they decide to file (say for bank loan purposes) an ITR can be filed voluntarily.

Simplest way to file your Income Tax Return :-

  • Form-16
  • Copy of PAN Card
  • Bank Account Details
  • Investments Details(LIC Premiums, School fees etc.)
  • Address
  • Details of any other Income and RELAX

Other important points you should keep in mind – If you are filing a return of income after  Due Date 31ST  July   Liability of Penalty and Interest arises.

Leave a Reply

Your email address will not be published. Required fields are marked *