If someone owns overseas belongings, an ITR is always to be submitted whether the profits falls in the tax bracket. A Nil ITR refers to an profits tax return in which there is not any tax liability within the taxpayer. it could possibly come about when a person's revenue is down below The fundamental exemption Restrict or in the event the Web comp

Filing of money tax return (ITR) is obligatory If the profits is earlier mentioned the basic exemption Restrict or When you've got carried out sure specified transactions. For super senior citizens (aged 80 many years and higher than), The fundamental exemption limit is Rs five lakh. So, submitting ITR will become mandatory depending upon the age

The recovery mechanisms might be invoked because of the Division not just in situations exactly where requires have been verified by orders, but additionally where tax legal responsibility has long been merely self-assessed via a return filed or curiosity or possibly a late fee is pending payment for any delay in submitting returns, etc. It’s im