{"id":6053,"date":"2023-12-07T11:13:26","date_gmt":"2023-12-07T05:43:26","guid":{"rendered":"https:\/\/simplemyfiling.com\/?p=6053"},"modified":"2023-12-07T11:15:10","modified_gmt":"2023-12-07T05:45:10","slug":"who-is-required-to-file-income-tax-return-itr","status":"publish","type":"post","link":"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/07\/who-is-required-to-file-income-tax-return-itr\/","title":{"rendered":"WHO IS REQUIRED TO FILE INCOME TAX RETURN (ITR)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6053\" class=\"elementor elementor-6053\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a080083 e-flex e-con-boxed e-con e-parent\" data-id=\"a080083\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e301a2e eael-dual-header-content-align-center elementor-widget elementor-widget-eael-dual-color-header\" data-id=\"e301a2e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"eael-dual-color-header.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"eael-dual-header\">\n\t\t\t\t<h2 class=\"title eael-dch-title\"><span class=\"eael-dch-title-text eael-dch-title-lead lead solid-color\">WHO IS REQUIRED TO <\/span> <span class=\"eael-dch-title-text\">FILE INCOME TAX RETURN (ITR)<\/span><\/h2>\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-375a9e09 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"375a9e09\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-515d5dcd\" data-id=\"515d5dcd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6580e071 elementor-widget elementor-widget-text-editor\" data-id=\"6580e071\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<div class=\"is-layout-constrained wp-block-group-is-layout-constrained\">\n<figure style=\"text-align: left;\">\n<ul>\n<li>\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-sojdz-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-sojdz-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-482\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 md:py-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"737c554f-f147-41ce-ac4c-b619ce5b2328\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-cndfi-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-cndfi-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-23\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"edb024b9-af40-46a8-a3ca-b034b14f3231\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-cndfi-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-cndfi-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-35\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"f4995fcd-5e15-4b91-ad0a-6be1eff783d0\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-cndfi-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-cndfi-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-37\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"ffca16dc-dd52-41ff-bd5f-c4c3955b8a98\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-gzrmd-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-gzrmd-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-17\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"989bbce5-720f-49eb-aada-08b83df18d4f\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p><strong>Income Tax Return Filing Requirements:<\/strong><\/p>\n<ol>\n<li>\n<p><strong>Mandatory Filing Criteria:<\/strong><\/p>\n<ul>\n<li><strong>Threshold<\/strong>: Income Tax return filing is mandatory if an individual&#8217;s Total Income exceeds the maximum amount not chargeable to income tax, which is Rs. 2,50,000 for individuals below 60 years.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Resident and Ordinary Resident in India:<\/strong><\/p>\n<ul>\n<li>Mandatory for individuals meeting any of the following conditions: a) Holds assets outside India. b) Is a beneficiary of assets outside India. c) Has signing authority in any account outside India.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Other Mandatory Cases Include:<\/strong><\/p>\n<ul>\n<li>Depositing over Rs. 1 crore in aggregate in Bank Current Accounts.<\/li>\n<li>Depositing over Rs. 50 lakhs in one or more saving bank accounts.<\/li>\n<li>Foreign travel expenses exceeding Rs. 2 lakhs.<\/li>\n<li>Electricity consumption expenses exceeding Rs. 1 lakh.<\/li>\n<li>Total Sales, Turnover, or Gross Receipts exceeding Rs. 60 lakhs.<\/li>\n<li>Total Gross Receipts in the Profession exceeding Rs. 10 lakhs.<\/li>\n<li>Total Tax Deducted and Collected at Source (TDS \/ TCS) is Rs. 25,000 or more (Rs. 50,000 for resident senior citizens).<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p><strong>Advantages of Filing Income Tax Returns:<\/strong><\/p>\n<ol>\n<li>\n<p><strong>Loan or Credit Card Approval:<\/strong><\/p>\n<ul>\n<li>Essential for future loan or credit card applications. Banks and financial institutions require ITR as a crucial document for processing.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Claiming Adjustment Against Past Losses:<\/strong><\/p>\n<ul>\n<li>If any losses are incurred by a business or individual, filing ITR is necessary to claim adjustments against those losses in subsequent years.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p><strong>Additional Advantages:<\/strong><\/p>\n<ul>\n<li>\n<p><strong>Avoid Late Fees (234F):<\/strong><\/p>\n<ul>\n<li>Timely filing helps avoid late fees under section 234F, up to Rs. 10,000.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Avoid Tax Notices:<\/strong><\/p>\n<ul>\n<li>Regular filing reduces the likelihood of receiving tax notices.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Claiming Tax Refund:<\/strong><\/p>\n<ul>\n<li>Filed returns facilitate the claiming of tax refunds, if applicable.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Carry Forward Losses:<\/strong><\/p>\n<ul>\n<li>Enables the carry forward of losses (e.g., house property and depreciation) to the next financial year.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Facilitates Financial Transactions:<\/strong><\/p>\n<ul>\n<li>Simplifies loan processing, including business and home loans.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Credit Card Approval:<\/strong><\/p>\n<ul>\n<li>A filed ITR serves as a crucial document for obtaining a credit card.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Study Loan and Foreign Visa:<\/strong><\/p>\n<ul>\n<li>Necessary as income proof and address proof for study loans and foreign visa applications.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Important Dates:<\/strong><\/p>\n<ul>\n<li>The due date for Income Tax Return filing is 31st July 2023 for the Financial Year 2022-23 for individuals not required to get their books of accounts audited under any act.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mt-1 flex justify-start gap-3 empty:hidden\">\n<div class=\"text-gray-400 flex self-end lg:self-center justify-center lg:justify-start mt-0 gap-1 visible\"><button class=\"flex items-center gap-1.5 rounded-md p-1 pl-0 text-xs hover:text-gray-950 dark:text-gray-400 dark:hover:text-gray-200 disabled:dark:hover:text-gray-400 md:invisible md:group-hover:visible md:group-[.final-completion]:visible\"><\/button>\n<div class=\"flex gap-1\">\u00a0<\/div>\n<div class=\"flex items-center gap-1.5 text-xs\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"w-full pt-2 md:pt-0 dark:border-white\/20 md:border-transparent md:dark:border-transparent md:w-[calc(100%-.5rem)]\"><form class=\"stretch mx-2 flex flex-row gap-3 last:mb-2 md:mx-4 md:last:mb-6 lg:mx-auto lg:max-w-2xl xl:max-w-3xl\">\n<div class=\"relative flex h-full flex-1 items-stretch md:flex-col\">\n<div class=\"flex w-full items-center\">\u00a0<\/div>\n<\/div>\n<\/form><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<\/figure>\n<\/div>\n<p><div class=\"wp-block-post-date\"><time datetime=\"2023-12-07T11:13:26+05:30\">7 December 2023<\/time><\/div><div class=\"wp-block-post-author\"><div class=\"wp-block-post-author__avatar\"><img alt='' src='https:\/\/secure.gravatar.com\/avatar\/5022b13facf0fd085ac80e8f9b743453a0f6fcedd6c9a2c43139a08621b8de13?s=48&#038;d=mm&#038;r=g' srcset='https:\/\/secure.gravatar.com\/avatar\/5022b13facf0fd085ac80e8f9b743453a0f6fcedd6c9a2c43139a08621b8de13?s=96&#038;d=mm&#038;r=g 2x' class='avatar avatar-48 photo' height='48' width='48' \/><\/div><div class=\"wp-block-post-author__content\"><p class=\"wp-block-post-author__name\">Himanshu sekhar<\/p><\/div><\/div><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>WHO IS REQUIRED TO FILE INCOME TAX RETURN (ITR) Income Tax Return Filing Requirements: Mandatory Filing Criteria: Threshold: Income Tax return filing is mandatory if an individual&#8217;s Total Income exceeds the maximum amount not chargeable to income tax, which is Rs. 2,50,000 for individuals below 60 years. Resident and Ordinary Resident in India: Mandatory for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5399,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"_joinchat":[],"footnotes":""},"categories":[416],"tags":[420,417],"class_list":["post-6053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax","tag-income-tax","tag-tax"],"blocksy_meta":[],"jetpack_featured_media_url":"https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/income-tax-491626_640.jpg","jetpack_sharing_enabled":true,"rttpg_featured_image_url":{"full":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/income-tax-491626_640.jpg",640,427,false],"landscape":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/income-tax-491626_640.jpg",640,427,false],"portraits":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/income-tax-491626_640.jpg",640,427,false],"thumbnail":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/income-tax-491626_640-150x150.jpg",150,150,true],"medium":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/income-tax-491626_640-300x200.jpg",300,200,true],"large":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/income-tax-491626_640.jpg",640,427,false],"1536x1536":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/income-tax-491626_640.jpg",640,427,false],"2048x2048":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/income-tax-491626_640.jpg",640,427,false],"woocommerce_archive_thumbnail":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/income-tax-491626_640.jpg",300,200,false],"woocommerce_thumbnail":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/income-tax-491626_640-300x200.jpg",300,200,true],"woocommerce_single":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/income-tax-491626_640-600x400.jpg",600,400,true],"woocommerce_gallery_thumbnail":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/income-tax-491626_640-100x100.jpg",100,100,true]},"rttpg_author":{"display_name":"Himanshu sekhar","author_link":"https:\/\/simplemyfiling.com\/index.php\/author\/simplemyfilinggmail-com\/"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/simplemyfiling.com\/index.php\/category\/tax\/income-tax\/\" rel=\"category tag\">Income Tax<\/a>","rttpg_excerpt":"WHO IS REQUIRED TO FILE INCOME TAX RETURN (ITR) Income Tax Return Filing Requirements: Mandatory Filing Criteria: Threshold: Income Tax return filing is mandatory if an individual&#8217;s Total Income exceeds the maximum amount not chargeable to income tax, which is Rs. 2,50,000 for individuals below 60 years. Resident and Ordinary Resident in India: Mandatory for&hellip;","_links":{"self":[{"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/posts\/6053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/comments?post=6053"}],"version-history":[{"count":4,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/posts\/6053\/revisions"}],"predecessor-version":[{"id":6058,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/posts\/6053\/revisions\/6058"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/media\/5399"}],"wp:attachment":[{"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/media?parent=6053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/categories?post=6053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/tags?post=6053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}