Filing your income tax returns is a must for proving your income as disclosed and absolutely legal. This will help in several ways including application for loans, obtaining refunds, applying for funding a startup and so on. Filing income tax returns will help you state your income across various sources.
You should file your income tax returns in case you fall under any of these categories-
- Lower than 60 years of age with annual total income surpassing Rs. 2, 50, 000.
- Senior citizens above 60 years of age and lower than 80 years of age with total annual income surpassing Rs. 3, 00, 000.
- Senior citizens above 80 years of age with total annual income surpassing Rs. 5, 00, 000.
- Any company/organization irrespective of profit or loss.
- Resident of India with any financial interest/asset outside the country.
- Indian resident who is a signing authority for a foreign account.
- If you have tax refunds to claim for a particular financial year.
- Selling equity shares in an organization/mutual funds/business unit for value surpassing Rs. 2, 50, 000 and deriving long-term capital gains.
- Income from sale of property.
- Foreign company getting treaty benefit on any Indian transaction.
- NRI with total annual income surpassing Rs. 2, 50, 000.
- If you are looking to get any loan (ITRs are valid proof of income).
You can file an income tax return if you have the following documents:
- Aadhar Card
- PAN Card
- Investment Details
- IT e-filing profile
- Form 16 (given by your employer)
- Loan Details
You can easily file your IT returns by logging onto the official portal and entering the necessary details. This is a simple procedure and can be executed swiftly.