A tax return is an important concept which each & every citizen of a given country need to understand. If you’re an employee, it becomes a must to file for your tax returns. Tax returns is a concept that needs to be understood otherwise a person can face a huge amount of troubles. But if the concept is understood well, it can lead to a lot of profitable ventures as well.
So the biggest that arises in everyone’s mind, who all need to file their tax returns? Here’s the list of the employees that need to file their tax returns:-
If your income is above the limit of taxable income, you need to file for the tax returns. The limit is 2.5 lakh for the people whose age is less than 60, 3 lakh for the people above the age of 60 and less than 80 & 5 lakh in case of the people whose age is above 80.
Even if your income falls below the limit of taxable income, you can still file for the tax returns.
If you want to carry forward a loss, filing tax returns becomes essential.
Those people who have made investments into foreign Banks also need to file for income tax returns.
NRIs need to file for income tax returns as well.
A person who claims a refund under section or 90A needs to file for income tax returns.
Individuals who run their businesses and have suffered losses on such business also need to file for ITR.