Is it mandatory to file Income Tax Returns?

The Income Tax Department has made it mandatory to file your returns only in case the gross the total income exceeds Rs 2.5 Lakh

It is mandatory to file your Income Tax returns only in cases where your gross the total income (without allowing any deduction under section 80C to 80U) exceeds R2.5 Lakh. However whether or not it is mandatory to file returns, there are advantages to filing your income tax returns.

 Processing of home, educational and other types of loans require income tax returns to be shown to the lending institutions.

Thus filing returns makes loans easier to process. Further, it is mandatory to have income tax returns for the processing of any Visa in case of travel abroad.

For further information contact SaveTaxGetRich on 94 8300 8300

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Call us on 94 8300 8300