Are you filing the income tax return for any of the following reasons
In Income Tax return , ITR filing you are being asked the following question : ” Are you filing the income tax return for any of the following reasons ” . Here is the answer in the Video .
Following persons are requrired to file mandatory ITR AY 2023-24
0:12 ITR filing based on Deposit in Current Account If Taxpayer have deposited amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year.
1:50 ITR filing based onTravel to foreign Country If the Taxpayer have incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person.
2:54 ITR filing based on Electricity Expenditure If the Taxpayer Have incurred expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity during the previous year.
4:10 ITR filing based on business Turnover If Taxpayer total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the previous year;
4:52 ITR filing based on professional Turnover If Taxpayer total gross receipts in profession exceeds ten lakh rupees during the previous year; or
5:58 ITR filing based on TDS and TCS deducted and age is less than 60 years If age of taxpayer is less than 60 years and aggregate of tax deducted at source and tax collected at source of Taxpayer during the previous year, in the case of the person, is twenty-five thousand rupees or more
6:51 ITR filing based on TDS and TCS deducted and age is above 60 years in the case of an individual resident in India who is of the age of sixty years or more, at any time during the relevant previous year and the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is Fifty Thousand rupees or more
7:16 ITR filing based on deposit in Saving Bank Account If deposit in one or more savings bank account of the taxpayer , in aggregate, is rupees fifty lakh or more during the previous year:
8:29 ITR filing If the Income Exceeds basic Exemption Limit
This article will Answer following questions
ITR Filing Mandatory Limit AY 2023 24 I ITR kise File karna Chahiye I Who is Required to file Income Tax Return AY 2023-24 I Who Should file Income Tax Return I
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