Transactions Rules: The days of filing income tax returns are getting closer. The last date for filing it for common individuals is 15th September. Actually, filing ITR is a responsibility which we should take seriously. If you have done any of these eight transactions last year, then you will also have to file ITR.
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Transactions Rules: The Income Tax Act of our country provides exemption to low-income earners from filing Income Tax Return or ITR. It says that if a person’s income is less than Rs 2.5 lakh in the old tax system or Rs 3 lakh in the new tax system, then filing ITR is not always necessary. But, tax rules say that it is necessary to file ITR on certain types of transactions, even if your income is less than the basic exemption limit. We are telling you about eight such transactions.
Which transactions are included in this
Even if your annual income is less than Rs 2.5 lakh, it is necessary to file ITR in some cases. According to Tax2Win, these rules also apply if the income is less than the basic exemption limit of Rs 2.5 lakh in the old tax system and Rs 3 lakh in the new tax system. These include:-
1. If you have spent Rs 2 lakh or more on foreign travel last year.
2. If you have any foreign property or foreign income, then you will have to file ITR. Actually, many people invest money in the shares of foreign companies. Due to this, they get dividend from these shares.
3. If your TDS or TCS is Rs 25,000 or more. In the case of senior citizens, this amount is Rs 50,000.
4. If you have deposited Rs 1 crore or more in the current account last year.
5. You should have deposited Rs 50 lakh or more in your savings account.
6. Your business turnover should be Rs 60 lakh or more.
7. If you run a consultancy or provide professional services in the field of medical, legal etc. and your professional receipt is more than Rs 10 lakh, then you are required to file ITR.
8. You should have paid Rs 1 lakh or more as electricity bill.
