Who shld fill Income tax returns? When and how? Is it compulsory?

Question

Who shld fill Income tax returns? When and how? Is it compulsory?

Answer 1

bhai shaeb,

It is as simple as that if your income is taxable you shuould file a return.

YOu should file your return by 31st July in case you are individual

It is compulsory if your income is taxable.

In case you income is not taxable but some TDs is dedcuted from your income even then you should file IT retrun to get refund of advance taxes.

Please note that if your income in more then Rs 1,10,000/- in the last financial year your should file a return. FOr current financial year the limit is 1,50,000/-.

PLease note that you can file your return up to 31/03/2009

Answer 2

Everyone  who earns more than the

taxable income, (whose income tax

deducted in their salary)  need to file

the income tax returns.

In case you do not earn taxable income,

and  intend to go abroad for any reason,

you better  file income tax return. so that

it will  be easier for you to get  passport &

visa clearance.

Answer 3

If you income is more than amount not subject to income tax, then you must file tax return.

Read this for more info:

http://mytaxes.in/index.php?topic=32.0

Answer 4

According to incomtax law, if your incom is more then the taxable amount you should file a tax return. However, it is advisable to file it regulary even if earning is less.

When:

- If you have some due tax [Need to pay incom tax] you should file it before 31st July 2008. You will be charged panalty if you are filing after 31st July.

- If you already paid the taxes, then also it is advisable to file it before 31st July. However, you can file it at later state as well.