What is this low income tax return? Is it necessary to fill it? Who has to file a net income tax return. If many such questions are also arising in your mind then there is no need to get upset. Let us know what is this low income tax return and why it is filed.
Neil Income Tax Returns are filled by people whose annual income is less than 2.5 lakhs. According to income tax rules, people with income below Rs 2.5 lakh have to pay zero tax. This is a kind of information that taxpayers give to the income tax department.
Who can fill the income tax return when and when
If you apply for a loan and the bank asks for income proof from you, in such a situation, if you file a net tax return, it will work for you.
It may also be required for a travel visa.
Small companies often do not give Form 16 to employees. In such a situation, they should file income tax returns.
Under the seventh provision of Income Tax, under Section 139 (1), such people who fall under the following points should also file a net income tax return.
1- A person with electricity of one lakh or more should pay the tax paid.
2- If you spend 2 lakh rupees or more on the travel.
