Is it necessary to fill ITR?

Hi sir,

ITR Returns filing is compulsory for persons covered under section 139 of the Income Tax Act. As per section 139-

1. For companies and Partnership, firms are ITR return filing is compulsory irrespective of the Income or loss
2. For individuals, it depends on the amount of Gross total income. Gross total income means, income before claiming deductions under chapter VI a deduction. (i.e deductions like insurance, PF. Investment and savings related deductions)
3. Further, the Gross total income shall be computed before reducing exemption from long-term capital gains.
4. For the financial year 2016–17, the Gross total income slabs are categorized as follows

Income Tax Slab for Individual below the age of 60 years, HUF, AOP, BOI, artificial juridical person -Rs.250000/-

Income Tax Slab for Senior Citizens ( 60 years or more but less than 80 years) - Rs.300000/-

Income Tax Slab for Super Senior Citizens (age eighty years or more) - Rs.500000/-

Hence filing of income tax returns is compulsory if Gross Total income exceeds above mentioned limits.

Hope it is useful..!!

Thanks & Regards

Team GST Mithra