Don’t let filing ITR for the last year be just a formality. We hope the following reasons will be able to evoke the necessity for filing your previous IT return (if you are eligible for one). Let’s find them out.
file ITR for the last year (FY 2016-17)
- Your gross income, before including any deductions, could be more than Rs 2.5 lakh in the financial year 2016-17. This tax slab starts from Rs 3 lakh for senior citizens (older than 60 years but younger than 80 years) and Rs 5 lakh for super senior citizens (older than 80 years)
- If you are a company or a firm irrespective of whether you have income or loss during the financial year.
- You might be wanting to claim your income tax refund.
- In case you want to take forward a loss under a head of income.
- A return filing is compulsory if you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs)
- You are required to file an income tax return when you have earned from property held under a trust for charitable, religious purposes, a political party, research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, or any authority.
- Also, when applying for a bank loan or a visa, your income tax return for the last year or a few more years is asked for checking your income status and credit rating.
To avoid penalties, you should be aware of the last dates about to approach. The minimum penalty for late filing is Rs 5000. Taking a tax expert’s advice can help you benefit from such penalties because you will be kept abreast of the latest policies, the due date for taking necessary action, and will also help you plan your future investments to minimize your tax liability.
- Salary only
- Salary/Property Income
- Salary/Capital Gains
- NRIs/Foreign Income
- Presumptive Income Scheme
If you aren’t sure which plan to choose, just subscribe to the ‘Ask an Expert’ plan and we’ll take care of all your doubts and guide accordingly.