A registered company with yearly income, even if it has not made any profit during the period.Income calculation should be done without allowing deductions specified under Section 10 of the Income Tax Act. For super senior citizens (80 years and above), the limit is Rs. The exemption limit for senior citizens between 60 to 70 years of age is Rs. Any individual who is less than 59 years and has an annual income of more than Rs.Filing your ITR post the due date may attract a penalty and also become a deterrent in getting a loan or visa approved in the future. Income Tax rules dictate that if you earn more than the limit that is exempted from being taxed by the Government, you are mandatorily required to file your tax return according to the tax slabs for each year. If you have paid tax in excess during a year, you will get a refund by the Income Tax Department.

The income you earn can be from sources such as salary, profit in business, sale of house or property, dividend or capital gains, and interest received among others. Information filed in an ITR should be applicable for a particular financial year between 1st April to 31st March of the next year. Income Tax Return (ITR) is a form that an individual submits to the Income Tax Department of India to file information about his income and taxes payable during that year. You may choose to file income tax return online or offline, as per your convenience.

Hence, filing your Income Tax return (ITR) on an annual basis is essential.

Whether you are an individual, association or a firm, LLP, local authority or a Hindu undivided family, your income for each financial year is taxed in accordance with Income Tax laws. Every citizen of India has to pay tax on their income to the Government of India as per the Income tax rules and regulations.

Download itr acknowledgement online