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Income Tax Return for AY 2015-16

Income Tax Return for AY 2015-16

Mandatory Filing – In the following situations the Income Tax Act its mandatory for you to file an Income Tax Return in India if any one of these is applicable to you: As per the Income Tax Act, in the following situations, it is mandatory for you to file an Income Tax Return in India:

  • Your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs.2,50,000 in the financial year that begins on 1st April 2014 and ends on 31st March 2015.This limit is Rs 3,00,000 for senior citizens ( who are more than 60 years old but less than 80 years old) or Rs 5,00,000 for super senior citizens (who are more than 80 years old)
  • You are a company or a firm irrespective of whether you have income or loss during the financial year
  • You want to claim an income tax refund.
  • You want to carry forward a loss under a head of income.
  • Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs).
  • Or if you are a Resident and a signing authority in a foreign account. (Not applicable to NRIs or RNORs).
  • You are required to file an income tax return when you are in receipt of income 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.
  • A proof of return filing may also be required at the time of applying for a loan or a visa.

Income Tax Return for AY 2015-16

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