Is it mandatory to file income tax return above 5 lakhs?
Table of Contents
Is it mandatory to file income tax return above 5 lakhs?
One has to file an ITR in case aggregate of all his income exceeds the basic exemption limit. There are different basic exemption limits applicable based on age. All those who are below 60 years have to pay tax only if their taxable income exceeds Rs. 2.50 lakhs.
What is the punishment for income tax evasion in India?
Failure to furnish statements/ information
| Period of delay | Penalty |
|---|---|
| Less than or equal to 1 month | ₹5000 per day |
| Continuing default | ₹50,000 per day from the beginning of service of order |
| Submission of inaccurate information | ₹5,00,000 |
How can I avoid paying tax penalty?
You can avoid a penalty by filing accurate returns, paying your tax by the due date, and furnishing any information returns timely. If you can’t do so, you can apply for an extension of time to file or a payment plan.
Is filing ITR necessary?
An individual is obligated to file an ITR if his gross taxable income during a particular FY exceeds the maximum amount not chargeable to tax. Income under each head of income needs to be computed separately as per the respective provisions of the said income head.
What is the minimum CTC for income tax?
No income tax needs to be paid if your taxable income is below Rs 5 lakh, and yet there is a tax of 5\% on income above Rs 2.5 lakh. This may seem like a conflicting statement. The truth is, if your income exceeds Rs 2.5 lakh, you do need to pay income tax.
What happens if income tax is not paid in India?
Failing to file the return within the said limit but before 31st March 2020, attracts a penalty of Rs. 10,000. However, if the gross income of a person is less than Rs. Penalty for Default in Making Payment of Tax: The income tax amount payable by a person depends on the relevant rate of the applicable slab.
What happens if I don’t pay income tax in India?
Until the assessment year, i.e., AY 2017-18 there was no penalty for filing belated income tax returns. Now, as per section 234F, an individual would have to pay a fee of up to Rs 10,000 for filing ITR after the due date.
What is late filing penalty?
The late filing penalty is 5\% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25\%. If you file more than 60 days after the due date, the minimum penalty is $435 (for tax returns required to be filed in 2021) or 100\% of your unpaid tax, whichever is less.
What is the minimum income to file income tax return in India?
For FY 2020-21, total income up to Rs 2.5 lakh is not subject to tax for an individual. Such threshold income for a resident senior citizen (age of 60 years or more) and resident super senior citizens (age of 80 years or more) is Rs 3 lakh and Rs 5 lakh, respectively.