The gross total income is not the sole determinant for an individual taxpayer’s obligation to file the tax return in India. … Similarly, those whose income does not exceed the taxable limit in a financial year are usually not required to file their return of income.
Do I need to file a tax return if I am unemployed India?
you may be unemployed but having interest income or house property income or any income from sale of land or property under capital gain or betting, gambling or from any other sources if the sum total of the all income is Rs. 250000/- then you have to file income tax return.
Do I have to file taxes if I’m unemployed?
You may have received unemployment benefits or an EIP (stimulus check) in 2020 due to the COVID-19 pandemic. Unemployment compensation is considered taxable income. You must report unemployment benefits on your tax return if you are required to file.
Which income is not taxable in India?
Under Section 10(1) of the Income Tax Act, agricultural income is fully exempt from income tax. However, for individuals and HUFs, an agricultural income of more than Rs. 5000 is added to the total income.
Who is exempt from filing income tax return in India?
Conditions for exemption under section 194P
Senior citizens should be of age 75 years or above. Senior citizens should be ‘ Resident’ in the previous year. He has pension income and interest income only. Interest income accrued/ earned from the same specified bank in which he is receiving his pension.
Will I get a stimulus check if I have no income?
Even if you had no income last year, or too little to file a return, you should file a basic 2020 tax return this year, the IRS says. … “For eligible individuals, the IRS will still issue the payment even if they haven’t filed a tax return in years.” The quickest way to receive a stimulus payment is via direct deposit.
How do I file a zero tax return?
How do I fill up a nil return online?
- Enter your income details and deductions. Income tax is computed and you will be shown that you have no tax due.
- Submit your return to the Income Tax Department. And send your ITR-V to CPC Bangalore to complete the e-filing process.
Can a student with no income file taxes?
No. You are not required to file. But there is a case when you may want to file. If you cannot be claimed as a dependent on anybody else’s return, and you are over age 23, at the end of the tax year, you may be able to claim an (up to) $1000 refundable education credit.
What is the limit to file income tax return?
2 lakh . An Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has incurred more than Rs. 2 lakh on travel to a foreign country, either for himself or for any other person. .
What are the documents required to file income tax return?
Generally, the required document is a copy of the PAN card, a Copy of the AADHAR card, a Bank Statement / Bank passbook, Income Tax Login id & password. Other than that it depends on which tax you leviable to pay. Check here the detail about the documents needed for filing Income Tax Returns in India.
Are you filing return of income under?
The Central Board of Direct Taxes mandates everyone to file the income tax return if one’s income exceeds the basic exemption limit. Filing an income tax return every year on time has many benefits even if your annual income is below the minimum taxable limit.