Income Tax for Individual

-- Wednesday 28th October 2020
intax.in/003

Its mandatory Income Tax Return

 

For Income more than 2.5 Lacs it is mandatory to File Income Tax. The Limit Can be more as per your Tax Slab which according to your age.


Under 60 Years

2.5 Lacs

Over 60 to 80 Years

3.0 Lacs

Over 80 Years

5.0 Lacs

 

 

It is also not about your total income Only if

 

You Spend more than

2 lacs on foreign travel 

You Deposit more than

1 Crore to bank

You Spend more than

1 lac on power bill

 

 

You also need to fill ITR.

 

However, if you like to have future proof for different purpose to Visa to Loans it is very useful. As usually for refund if any, you only get after file return.

 

Which ITR, I have to file

Check our Income Tax tool.


It depends if you 

 

            Salaried than

 

ITR1               

Salaried person 

with the 1 house

Earn less than 50 lacs per year.

Other Income

 

ITR2               

It is basically an advance ITR1 with 

 

Capital Gain 

More than 2 house Ownership

Director Position

Wealth Detail if income exceed more than 50 lacs.

More can be defined by Income tax department

 

 

            

Businessman Than

 

 

ITR4

If you have a business with

                                    

Salary

One house ownership

Business Income

Other Income

 

ITR3               

It is basically an advance ITR4 with 

                                    

Capital Gain


Partner position


Commission Income

Loss in Business

Speculation Business

More than 2 house Ownership

Director or Partner position

Wealth Detail if income exceed more than 50 lacs

More can be defined by Income tax department


File income tax now