Regarding e-filing / filing of income tax return
Querist :
Anonymous
(Querist) 05 July 2017
This query is : Resolved
Sir, Could you please detail what is the purpose of Filing IT RETURN , As I have no Refund in my FORM 16 Or not deducted Excess Tax.
So, should I File IT Return , and If I do not File IT RETURN what are the possible Negative situation I can Face or arise?
I am an Employee of Private Limited company situated in Jharkhand.
Thanks
D.Karmakar
mail:- karmakar.debu@gmail.com
P. Venu
(Expert) 05 July 2017
What is the total income?
Rajendra K Goyal
(Expert) 05 July 2017
No reply to query from an author who is anonymous.
Kumar Doab
(Expert) 05 July 2017
Aq,…………………No reply...............
Dr J C Vashista
(Expert) 07 July 2017
Erroneously or intentionally D. Karmakar did not mention name in the column "author" which may be ignored.
It is better to file your ITR, without any hesitation, reservation or question (more particularly in your case) asking academic query of pros and cons of non-filing of return.
Rajendra K Goyal
(Expert) 07 July 2017
If you have taxable income, you are required to file IT Return even if you have no refund.
There are other many benefits associated with the filing of IT return.
An individual is obligated to file an income-tax return if his gross taxable income [before exemption for long term gain on listed securities and other deductions under Chapter VI-A of the Income Tax Act, 1961 (the Act)] during the particular FY exceeds the maximum amount which is not chargeable to tax. For FY 2016-17, total income up to Rs 2.5 lakh is not subject to tax for a resident as well as non-resident individual. For resident senior citizens (i.e. more than 60 years of age), such threshold of total income is Rs 3 lakh and for resident super senior citizens (i.e. more than 80 years of age) it is Rs 5 lakh. No different limits exist for female taxpayers. As a resident and ordinary resident individual you may also have a tax return filing obligation irrespective of your income, if you own overseas assets.
http://www.financialexpress.com/money/income-tax-return-filing-by-individuals-who-should-file-and-how-to-file/737142/
Dr J C Vashista
(Expert) 08 July 2017
Very well explained and advised by expert Sh. Rajendra K Goyal, I agree and appreciate.
Nothing more to add.
Rajendra K Goyal
(Expert) 08 July 2017
Expert Dr.J.C. Vashishta ji,
Thanks for appreciation.
