Conclusion who should file a tax return
So, now I know if and should I file a return
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The new conditions when I must file a tax return
Effective the financial year 2019-20, for which return is to be filed in the next year, which is in Tax language, assessment year 2020-21, there’s a new class of ‘to do filing’ of tax return evolved. This requirement is called ‘requirement to file under 7th proviso of Section 139(1), which contains nothing but the conditions
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If I own something outside, I must file a tax return
Some international related activities by me make it a must for me to file a tax return, though I may not have any income taxable in a year. Here we go: If I own any asset abroad, could be property, right to property, or a financial asset If I am signatory to any account abroad
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When (in which conditions) I should file a tax return
If I incur a loss, or claim an exemption on capital gains on account of investing (in bonds or house commonly), though I am below taxable that year, I ought to file a return to validate and be eligible to have such losses or exemptions recognised.
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I wish to file a tax return
Sometimes, say in a particular year, I may be in below taxable range, with no taxes paid, but still I may feel like filing my tax return for continuity, or for getting a ‘tax filing citizen’ tag. I can happily do so.
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Some taxes were deducted
Even though I am living in exemption limits, some taxes were paid during the year, be it myself or by my payer in Tax Deduction modules, I think of filing a tax return to get my extra taxes paid back. This is so, as I am liable to pay taxes due on my Income, and
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I am having income over taxable limits
If my Gross Total income (that is before doing Deductions) is more than the exemption limit, then I must file a return of income tax. So, this means different levels for different classes, if I am not a senior citizen, and before Deductions and the Long Term Capital gains exemption (its called section 10(38)), my
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Checking my taxes paid
I remember my PAN and tax login password. I should login to site www.incometaxindiaefiling.gov.in, click on login. After successful login, I should click on My Account- View Taxes paid. Taxes paid are updated quarterly on the tax portal. In fact about a month after close of each quarter. In the last quarter March, it takes
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Going to my Tax Login
So I am a first timer. I have a PAN card or PAN allotted. I need to create a tax login account on the portal www.incometaxindiaefiling.gov.in. How do I do it ? I go to the portal, click on register, enter my basic details, PAN number, date of birth and father’s name. On entering correct
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Looking at results – what taxes I paid
When I deposit some money in your bank account, there’s a way to check – I see the bank online or get my passbook updated. Even the shares I buy get reflected in my demat account, but it takes two-three days to reflect. So, when I deposit or someone deposits taxes in my tax account
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