The Income Tax Department mandates everyone can be filed even if you have nil income or your gross total income is below the minimum taxable limit. This limit is Rs 300,000 for senior citizens (more than 60 years old, but less than 80 years old) and Rs 500,000 for super-senior citizens (more than 80 years old). However, you can file your return involuntarily even if your income is less than the maximum exemption limit.
The deadline to file (income tax returns) ITR is 31 March, 2018 for the financial year 2015-16 and 2016-17. In case if you not field your ITR for FYs 2015-16 and 2016-17, you cannot file a belated return anymore.
If you have not filed your returns for these two FYs, read on to find out what you can do now:
Delay request is file for specific cases:
The income tax department can allow taxpayers to file returns post the for specific cases. “The Central Board of Direct Taxes (CBDT) has issued a circular in this regard where if the taxpayer has tax refund pending or wish to carry forward his losses and missed the deadline of filing of tax returns, then he can file an application to the Income tax commissioner or the prescribed authority,” explains Abhishek Soni, CEO, tax2win.in, a tax-filing firm.
Benefits of filing tax returns:
- You can be a responsible citizen of your nation when you filing IT returns.
- There are many credit card companies who demand proof of tax returns before issuing a card.
- In future, it is easier for individuals to enter transaction with minimal complication that’s why income is recorded by the tax department
- In cases when you want to claim adjustment against past losses, a return is compulsory. Filing returns may prove useful when someone needs to file a revised return. A person cannot file a revised return unless he/she has filed the original return.