As this is the time at which income tax filing has begun already, I write this article to throw some light on Income Tax Return Filing.
Coming to the topic, an Individual/HUF need to file income tax returns basis on the following:
-On the Basis of Income
-On the Basis of Expenditure
-On the Basis of Assets
-On the Basis of Cash Deposits
-On the Basis of receipts and TDS
An individual need to file income tax return only if his total income exceeds the basic exemption limit. The above total income is to be calculated as follows: His/Her/Their Income (Including income of any other person in respect of which he is assessable) without giving effect to the provisions of section 10(38), 10A, 10B or 10BA or 54 or 54B or 54D or 54EC or 54F or 54G or 54GA or 54GB Chapter VIA (i.e., deduction under section 80C to section 80U)
If foreign travel expense is more than Rs. 2 lakh. If electricity consumption is more than Rs. 1 lakh.
Holds, as a beneficial owner or otherwise, any asset (including any financial interest in any entity) located outside India.
♦ Cash Deposits:
If the aggregate deposit in one or more savings bank accounts of the person is Rs. 50 lakhs or more during the relevant If he has deposited an amount (or aggregate of amount) exceeding Rs. 1 crore in one or more current accounts maintained with a banking company or a co-operative bank.
♦ Receipts and TDS:
If total sales, turnover or gross receipt of the business exceeds Rs. 60 lakh during the If total gross receipt of profession exceeds Rs. 10 lakh during the If the total of tax deducted and collected in case of a person during the year is Rs. 25,000 or more (Rs. 50,000 in case of resident senior citizen).