New Delhi: If your annual income exceeds the limit set by income tax rules, you are required to file an income tax return (ITR). As per income tax rules, if your taxable income exceeds Rs 2.50 lakh, it is to be filed. Taxable income is mandatory for everyone to pay tax. However, it is beneficial to fill in the ITR even if the tax liability is zero. ITR provides information on income tax revenue for the year.
If you do a job, you'll need to fill out the ITR-1 (intuitive) form. In addition, if you are an individual or Hindu undivided family (HUF) or your income is up to Rs 50 lakh, pension, income from property rent, income from interest, all these are income, you need to fill in the ITR-1 (intuitive) form. This includes the income of the wife, the children.
Filing income tax returns is now very simple. The ITR form will contain details of salary, TDS. The form will also receive the information of interest on FD. You can make changes if any information in your form is incorrect. Earlier, all these details had to be filled in by themselves. Also, one thing to note here is that misinformation may attract a penalty.