If you have only income from Long term capital gain, then u dont need to file the income tax return…
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Not necessary but filing and recording is always best practice since it will be useful in future.
Although the income is 7 lakhs p.a. BUT since the assessee assessment tax calculation comes to NIL ; the I.T.returns NOT filed !
Query Question : will there be any negative consequences if the I.T. returns not filed ? Will the Taxman sue or levy any penalty or interest on the assessee ?
NOTE : Although the income is more than the basic . BUT . the tax comes to NIL .
Then . will there be any problem to the assessee if the I.T. returns not filed?
ITR filing is mandatory if gross total income of an individual taxpayer exceeds the basic exemption limit.
Gross total income includes income received from various sources such as salary, house property, capital gains etc. The basic exemption limit of an individual depends on the income tax regime opted by the taxpayer while filing ITR.
Please refer to this article for better clarity, as there are others situations too, where the filing of ITR becomes mandatory.
basic exemption limit is 2,50,000.
yes . i know it is mandatory . BUT . what is the consequences if not filed since tax liability calculation comes to NIL ?
Under old regime BEL is 2.5 lacs and
Under the new regime BEL is 3 lacs
He asked is it mandatory to file ITR if income is below tax exemption?
you have to file ITR to select old and new regime. so if someone doesn’t want to file ITR their income should below 2.5 lacs.
There are also other conditions applicable for mandatory ITR filing.
From AY 24-25, the default tax regime is the new regime.
yes but it is not clear whether to file ITR or not if income is between 2.5 to 3 lacs.
As a general rule of thumb, it is always better to file the ITR, when the income is subjected to TDS.
When tax is deducted, when people are willing to forgo it, to avoid filing returns, it leads to suspicion.