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Income Tax Return Filing in Bhubaneswar | Call 9830017363

We are providing income tax return e-filing services in Kolkata at a reasonable price in 1 day, If you want to file your income tax return, feel free to contact us, we will be happy to help you in filing your Income Tax return (ITR) @500/- (Five Hundred) only.

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Who has to file income tax returns (ITR) mandatorily?

As per the Income Tax Act, In any of the following situations, it is mandatory to file Income Tax Return (ITR)

I. If your Gross Total income (before deductions under section 80C to 80U) exceeds Rs 2,50,000.00 in FY 2021-22. This limit is Rs 3,00,000.00 for senior citizens (aged above 60 but less than 80) or Rs 5,00,000.00 for super senior citizens (aged above 80).

II. If you are a company or a firm irrespective of whether you have income or loss during the financial year

III. If you want to claim an Income Tax refund.

IV. If you want to carry forward your loss under a head of income.

>V. If you are a resident individual and have an asset or financial interest in an entity outside of India. (Not applicable to NRIs or RNORs).

VI. If you are a resident and a signing authority in a foreign account. (Not applicable to NRIs or RNORs).

VII. If your income is derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not-for-profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.

VIII. If you are a foreign company taking treaty benefit on a transaction in India

Late fee for non-filing of income tax return (ITR) in time

From Financial Year 2021-22 onwards, Late fees for non-filing an income tax return (ITR) are as follows:

I. No Late Fee: If Gross Total Income does not exceed 2,50,000/- for Financial Year 2021-22 and IT Return is filed after the due date (31 July 2022) but by 31 December 2022.

II. A late fee of Rs 1,000: If Gross Total Income does not exceed 5,00,000/- for Financial Year 2021-22 and IT Return is filed after the due date (31 July 2022) but by 31 December 2022.

III. A late fee of Rs 5,000: If Gross Total Income exceeds 5,00,000/- for Financial Year 2021-22 and IT Return is filed after the due date (31 July 2022) but by 31 December 2022.

This content is applicable for Individual Assessee Only.

Disclaimer: There may be variations due to updates by the government. Kindly note that we are not responsible for any incorrect information. If you need information about the "Effective Date, " please visit the Income Tax website or consult our tax experts.