Who is required to file income tax returns for AY 2014-15?
In India everyone who is an individual except a company or a firm have to file your return if Gross Total Income before any deductions is more than the exemption limit. In this case deduction will be the usual 80C to 80U deductions. For every individual whether male or female the limit is Rs. 2,00,000. If the individual is 60 years or above i.e. senior citizen then the minimum exempt limit is Rs. 2,50,000.
If an individual is a super senior citizen i.e. 80 years or more then the minimum exempt limit is Rs. 5,00,000.
The individual has to file his/her returns in order to claim a Refund if the additional TDS has been deducted from their Income.
An individual who has incurred Loss under the head ‘Income from House Property or business Profession, Capital Gains or Other Sources’, then the individual has to file a return in order to carry forward or set off losses in the next assessment years.
It is mandatory for a company (private or public) or a Firm to file their income tax return.This is to be done irrespective of whether you have made profit or loss during the year.
In case you have any assets or financial interest in any organization based out of India and you are a resident Indian then you have to file your return irrespective of whether there is any taxable income that you have earned or not. This is not applicable if you are a non- resident or not an ordinary resident.
If you are an NRI and you have earned any taxable income or any taxable income has accrued in India then you have to file an income tax return in India.
A person shall be liable to file returns if the person is in receipt of Income derived from any property which is held by a trust, institution or any other body or association and the income exceeds the minimum exempt limit.
Now it’s necessary your income tax return because nowadays when obtaining visas of certain countries submission of last three years Income Tax return is must and also while apply for a loan from a bank or financial institution they ask for copies of IT Returns in order to check their credit worthiness.
We can say that income tax file return is must Some are compulsory while some are for your own benefit. Whatever the reason be filing income tax of return in proper
time is important, as we never know when it will be required.