04 August 2017 06:04PM
We go through a few key points in respect of the liability to file Income Tax Return:
· The limit varies w.r.t the age of the person; Rs. 2,50,000 for people aged upto 60 years; Rs. 3,00,000 for senior citizens (60-80 years age); Rs.5,00,000 for super senior citizens (above 80 years age).
· “Income” is a term with wide spectrum; for salaried personnel it denotes all that is received from an employer in cash, kind or as a facility is considered as income; for a businessman, his net profits will constitute income; income may also flow from investments in the form of Interest, Dividend, and Commission etc.
· Classification of all income earned by people are made into income from salary, income from house property, income from business or profession, income from capital gains and income from other sources.
· The liability arises on the basis of the income amount before deducting any amount under the exemptions under the Act.
· Even if the amount after statutory deductions come under the limit cited above, you must file ITRs if the amount before the deductions bring you within the purview.
· The tax slab within which you fall depends on the level of income you earn; it is 5% for income upto Rs.5 lakhs, 20% for income falling between Rs. 5,00,001-Rs.10,0000; and 30% for income above Rs. 10,00,001.
· For salaried personnel, Income Tax is deducted at source, but the liability to file Returns to the IT Dept. is not absolved.
· If you are eligible for any refund of the tax amount that was deducted at source, after considering the exceptions that you are entitled to avail, the same is also to be detailed in the IT Return; following which if the Authority is satisfied that you have paid more tax than you are supposed to, then the refund process will be initiated.
· The deductions permitted on taxable income include contribution towards PF, NPS, PPF; payment of School fee of children; premium for life and health insurance; purchase of NSC; home loan repayment; rent paid; interest on saving bank account, etc.
· IT Returns can be filed online on the Govt Portal http://incometaxindiaefiling.gov.in/ by following the simplified procedures.
Filing of IT Returns is not just a statutory duty, but also a part of availing your rightful refund; so shed the procrastination and go ahead to file your Returns if you haven’t already!
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