Forwarded from CA F@iz
Under the Income Tax Act, 1961, a taxpayer is required to file an Income Tax Return (ITR) under several specific circumstances. Here are the conditions listed in a numbered format:
1. Income Above Basic Exemption Limit:
- For individuals below 60 years: Total income exceeds ₹2,50,000.
- For individuals aged 60 to 80 years: Total income exceeds ₹3,00,000.
- For individuals above 80 years: Total income exceeds ₹5,00,000.
2. Company or Firm:
- All companies and firms, irrespective of profit or loss during the financial year, must file ITR.
3. Receiving Income from Property:
- If one has received income from a property held under a trust for charitable or religious purposes, or a political party.
4. Losses to be Carried Forward:
- If one wants to carry forward a loss under a head of income (e.g., capital gains) to subsequent years.
5. Foreign Assets or Income:
- If one is a resident and has assets or financial interest in an entity located outside India or if they receive income from outside India.
6. Claiming Tax Refund:
- If one needs to claim a refund of any taxes deducted or paid.
7. Receipts from Certain Transactions:
- If one has received income from the sale of equity shares or units of equity-oriented mutual funds exceeding ₹2,50,000 and they are exempt from tax under Section 10(38).
8. Deposit in Bank Accounts:
- If one deposits an amount or aggregate of the amounts exceeding ₹1 crore in one or more current accounts maintained with a bank during the financial year.
9. Expenditure on Foreign Travel:
- If one incurs an expenditure of an amount or aggregate of the amounts exceeding ₹2 lakh for travel to a foreign country for themselves or any other person during the financial year.
10. Electricity Bill:
- If one incurs an expenditure of an amount or aggregate of the amounts exceeding ₹1 lakh on the consumption of electricity during the financial year.
11. Business Turnover:
- If one's total business turnover or gross receipts during the financial year exceeds ₹60 lakh in case of a business or ₹10 lakh in case of a profession.
12. TDS/TCS Credit:
- If one has any TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) credit during the year and intends to claim a refund for the same.
13. Income from Sale of Property:
- If one has sold a property (such as land or building) and the gains from the sale are taxable.
14. Specified Persons:
- Persons who are receiving income from property held for charitable or religious purposes, political parties, research associations, news agencies, educational or medical institutions, trade unions, etc.
15. Income Above Specified Limit for Senior Citizens:
- If a senior citizen (age 60 years or more but less than 80 years) earns a total income of ₹3,00,000 or more or a super senior citizen (age 80 years or more) earns a total income of ₹5,00,000 or more.
16. Investment in Shares or Units:
- If one has invested in shares of a company or units of a mutual fund exceeding ₹1 lakh in value during the financial year.
These conditions ensure that taxpayers who meet certain criteria or thresholds file their ITR to comply with the tax regulations in India.
1. Income Above Basic Exemption Limit:
- For individuals below 60 years: Total income exceeds ₹2,50,000.
- For individuals aged 60 to 80 years: Total income exceeds ₹3,00,000.
- For individuals above 80 years: Total income exceeds ₹5,00,000.
2. Company or Firm:
- All companies and firms, irrespective of profit or loss during the financial year, must file ITR.
3. Receiving Income from Property:
- If one has received income from a property held under a trust for charitable or religious purposes, or a political party.
4. Losses to be Carried Forward:
- If one wants to carry forward a loss under a head of income (e.g., capital gains) to subsequent years.
5. Foreign Assets or Income:
- If one is a resident and has assets or financial interest in an entity located outside India or if they receive income from outside India.
6. Claiming Tax Refund:
- If one needs to claim a refund of any taxes deducted or paid.
7. Receipts from Certain Transactions:
- If one has received income from the sale of equity shares or units of equity-oriented mutual funds exceeding ₹2,50,000 and they are exempt from tax under Section 10(38).
8. Deposit in Bank Accounts:
- If one deposits an amount or aggregate of the amounts exceeding ₹1 crore in one or more current accounts maintained with a bank during the financial year.
9. Expenditure on Foreign Travel:
- If one incurs an expenditure of an amount or aggregate of the amounts exceeding ₹2 lakh for travel to a foreign country for themselves or any other person during the financial year.
10. Electricity Bill:
- If one incurs an expenditure of an amount or aggregate of the amounts exceeding ₹1 lakh on the consumption of electricity during the financial year.
11. Business Turnover:
- If one's total business turnover or gross receipts during the financial year exceeds ₹60 lakh in case of a business or ₹10 lakh in case of a profession.
12. TDS/TCS Credit:
- If one has any TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) credit during the year and intends to claim a refund for the same.
13. Income from Sale of Property:
- If one has sold a property (such as land or building) and the gains from the sale are taxable.
14. Specified Persons:
- Persons who are receiving income from property held for charitable or religious purposes, political parties, research associations, news agencies, educational or medical institutions, trade unions, etc.
15. Income Above Specified Limit for Senior Citizens:
- If a senior citizen (age 60 years or more but less than 80 years) earns a total income of ₹3,00,000 or more or a super senior citizen (age 80 years or more) earns a total income of ₹5,00,000 or more.
16. Investment in Shares or Units:
- If one has invested in shares of a company or units of a mutual fund exceeding ₹1 lakh in value during the financial year.
These conditions ensure that taxpayers who meet certain criteria or thresholds file their ITR to comply with the tax regulations in India.
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BTST.
Ideaforge
CMP 855 to 860
Possibility: 885, 895 to 920
Stoploss: 825
Ideaforge
CMP 855 to 860
Possibility: 885, 895 to 920
Stoploss: 825
BTST
Andrew yule
CMP 55.80
Possibility 3% to 5%
Stoploss 52
Andrew yule
CMP 55.80
Possibility 3% to 5%
Stoploss 52
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