We will file your ITR & help you in tracking your Refund Status. Know year wise exact status of your Tax Return as per Income Tax Department. Get any support and assistance on filing related problems.
DescriptionWhen you file Income Tax Return, you create your Financial Record with Tax department. This financial / tax history is positively viewed and favorably used by most agencies with whom you may need to interact, such as when you avail any kind of loan (home, personal, vehicle loan) or when you apply for VISA, etc.
Failure to file Income Tax Return within one year from the end of the relevant financial year, attracts penalty of Rs.5,000/-, even though tax payable is Nil- Section 271F.
Every Individual whose gross total income is more than the Basic Exemption limit is required to file Income Tax Return, even if there is no tax due pending. – Section 139(1)
Basic Exemption Limit for Financial year: 2018-2019 Resident Individuals above the age of 80 years Rs.5,00,000/- Resident Individuals above the age of 60 years Rs.3,00,000/- Other Individuals Rs.2,50,000/-
Irrespective of the basic exemption limit, if during the year, you –
you are mandated to file an Income Tax Return, even though you may not have any taxable income. - Proviso to Section 139(1).
- a) Paid Electricity Bill more than 50,000/- during the year; or
- b) owning a residential house exceeding the specified floor area; or
- c) are owning a motor vehicle (other than two-wheeler); or
- d) have travelled to any foreign country; or
- e) hold a Credit card issued by any bank or institution or
- f) are member of a club where entrance fees is more than 25,000/-
It is mandatory to file your Income Tax Return, if you have any Foreign Assets, even though you may not have any taxable income.