WHO IS OBLIGATED TO FILE AN INCOME TAX RETURN

Firstly there is a misconception that only those who have taxable income, or any tax to pay, need to file an Income Tax Return. The law has become so over-arching now, that even if you have no income, but you trigger some high value transactions, then you need to file your Income Tax Return.

- Gaurav Kenkre

As the financial year of 2023-24 has ended there is a natural rush of some prudent citizens to file their Income Tax Returns. However, there is also a large section who needs to be coaxed to complete their compliances and further there are some who are totally oblivious of this requirement.

Firstly there is a misconception that only those who have taxable income, or any tax to pay, need to file an Income Tax Return. The law has become so over-arching now, that even if you have no income, but you trigger some high-value transactions, then you need to file your Income Tax Return. Who should file an Income Tax Return:

1. Any individual (male/female/senior citizen) whose total income exceeds the minimum taxable threshold is required to file an Income Tax Return.