Is ITR applicable to you?

New ITR forms are live. Don’t forget to file the Income Tax Return this year. Keep all the required documents handy before filing your Tax Return.

If you are one of the below-mentioned person, you should consider filing the ITR this year. As per ITR rules, it’s not an option, it’s compulsion.

If Your Annual Taxable Income exceeds INR. 2.5 Lakh

Total sales, turnover or gross receipts in the business exceeds INR 60 Lakh
Total gross receipts in profession exceed INR 10 Lakh
The aggregate of TDS and TCS is INR 25,000/- or more, but INR 50,000/- or more for an individual resident aged 60 years or more
The aggregate of deposits in one or more savings bank accounts is INR 50 Lakh or more
Deposit of INR 1 crores or more in one or more current accounts with a banking company or co-operative bank
Expenditure of INR 2 Lakh or more on foreign travel expenses either for himself or for any other person
Expenditure of INR 1 Lakh or more towards consumption of electricity.

Don’t forget to check your AIS & 26 AS for any of the above-mentioned transactions.

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