If you are above 80 years, the limit is Rs 5 lakhs.
If you are a senior citizen (above 60 years and below 80 years), this limit is Rs 3 lakh. As an individual, the gross total income (prior to deductions under section 80C to 80U) exceeds Rs 2.5 lakhs in FY 2018-19. Failure to file the returns can result in penalties from the IT department.Īs per the current law, income tax returns have to be filed mandatorily in the following circumstances: Returns have to be filed using the Income Tax Return of ITR Forms. ITR serves as a proof of legal and disclosed income. Raj helped him understand the process of filing returns.īut why are returns filed? ITR is a statement of from different sources, tax liabilities, income tax paid and the refunds provided by the government. Rahul got in touch with Raj who is a chartered accountant. He is not well versed with the process either. Rahul is a bit clueless about why returns are filed. For the last few days, he has heard about filing the tax returns.
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