Even if your income is not taxable, according to the income tax law, you will have to file your income tax return.
New Delhi: Even if your income is not taxable, according to the income tax law, you will have to file your income tax return. This is necessary for those people who do not have income, but under new conditions, spend more in a financial year. For this, a rule has been made from this year. The government has taken this step so that people who steal tax can be caught.
It is necessary for these people to file returns
Right now, the government has given tax exemption on income up to Rs 2.5 lakh for the age of 60 years, Rs 3 lakh for those aged 60 to 79 and up to Rs 5 lakh for those above 80 years. However, many expenses have been added to it, due to which people will have to file returns. These include electricity bill of one lakh rupees annually, depositing rupees one crore in current account, property abroad, expenses of more than 2 lakh rupees in foreign travel. If any taxpayer has incurred such expenses, then the return will have to be filed under all circumstances.
What is this new rule
Under the seventh provision of Section 139 (1) of the Income Tax Act, 1961, several changes have been made in the ITR form issued for assessment year 2021. Under this, the taxpayer will have to declare whether he is willing to file the return under the seventh provision. Experts say that taxpayers who file ITR under these conditions will have to maintain documents to support their claims. The tax department can ask questions in this regard.
From electricity bills to property in foreign countries
Many times the annual electricity bill of the people exceeds one lakh rupees. Although their income is not so much, but they still pay the bill. In the same way, many taxpayers have assets abroad after income. But even such people do not file returns. Now according to the new rules, such people will also have to file their returns. If there is any property abroad or it is the Signing Authority in any account located abroad, then it must compulsorily file ITR. Foreign interest also includes financial interest in any foreign company.