Frequently asked questions
1. Who needs to file Income Tax Returns?
Any person whose income exceeds the basic exemption limit as specified in the Income Tax Act,1961 is required to file an Income Tax Return. Now, the basic exemption limit changes from year to year. At present the limit is Rs. 2,50,000 for individuals of less than 60 age, Rs. 3,00,000 for individuals in the age bracket of 60-80 years, and Rs. 5,00,000 for individuals of more than 80 age.
2. Is having PAN(Permanent Account No.) mandatory for income tax return filing?
Yes, a person must have PAN in order to proceed for filing of income tax return.
3. What are the benefits of filling income tax returns (ITR)?
Filing of ITR is basically a legal obligation which everyone who falls under is required to comply with. But, it also helps in getting bank loans, visas, for claiming refund against excess income tax paid, as a proof of income certificate and most importantly for tax payer’s self-satisfaction.
4. What are the forms of return prescribed under the Income-tax Law?
Different forms prescribed under the Income-Tax law are:-
ITR-1(SAHAJ), ITR-2, ITR-2A, ITR-3, ITR-4, ITR-4S(SUGAM), ITR-5, ITR-6 and ITR-7.
For Individuals relevant forms are till ITR-4S.
5. How will I get to know which form I am required to file?
LegalRaasta helps in the correct selection of form for you. You just need to fill the details relevant to you and LegalRaasta will itself generate the correct XML.