Is it mandatory to file ITR for less than 5 lakhs?

So in your case as your taxable income is Rs. 4 lakh which is below Rs. 5 lakh, the threshold limit, for availing the rebate under Section 87A, you will not have to pay any tax in respect of your income but still you will have to file your ITR.

Is it necessary to fill ITR?

One has to file an ITR in case aggregate of all his income exceeds the basic exemption limit. All those who are below 60 years have to pay tax only if their taxable income exceeds Rs. 2.50 lakhs. Those over 60 but below 80 enjoy exemption upto Rs.

Should I file ITR if my income is less than 2.5 lakhs?

Filing ITR is mandatory for those people whose gross income is more than the prescribed limit of the Income Tax Department. For those whose income is less than the prescribed limit, it is not necessary to file ITR. At present, ITR is required to be filed for those whose gross total income is Rs 2.5 lakh per annum.

What is the ITR 3?

The ITR 3 is applicable for individual and HUF who have income from profits and gains from business or profession. The persons having income from following sources are eligible to file ITR 3 : The return may include income from House property, Salary/Pension, capital gains and Income from other sources.

Who can file ITR 3?

The ITR-3 Form can be filed by those Individuals and Hindu Undivided Families who earn income from Proprietary business or by practising his/her profession. However, when an Individual/HUF earns income as a partner of a partnership firm which is carrying out business/profession, he cannot file ITR-3.

Who has to fill ITR?

It is mandatory to file the income tax returns online for all the registered taxpayers whose taxable income. However, paper returns can be filed by those who are above 80 years of age and do not have any income from regular business or profession.

Who will fill ITR 3?

Do I need to file ITR for income less than 2 LPA?

The short answer is No, you do need to file ITR for income less than 2.5LPA (lakhs per annum). Indeed, the bright side of being in this income tax bracket is that you do not need to compulsorily file ITR or pay any taxes at least.

Is it mandatory to file ITR if your annual income below Rs 5 lakh?

One can file IR both offline and online, however, there is confusion among some earning individuals whether it is mandatory to file ITR if they have an annual income below Rs 5 lakh or they can skip filing ITR in such case.

Do you have to file an itr if your income is zero?

Income Tax Return Alert: If your income is up to Rs 5 Lakhs you pay zero tax, but you must still file ITR. Income Tax Return Alert: Those earning individuals who have business income, they must file their ITR even when their annual income is less than Rs 2.5 lakh. Photo: Reuters

How do I calculate the take home salary of 3 LPA?

If the salary of 3 LPA is your Cost to Company (CTC) then after subtracting Gratuity, Employer’s Provident Fund (EPF) contributions and Taxes on your Taxable Income from this CTC, we will arrive at your Take Home salary or Net Income. Let’s assume 3LPA is the CTC, Rs. 2000 per month is the EPF and Rs. 1000 per month is the gratuity.