| Many people are probably wondering just what it is an | | | | usually published by Income Tax Department. For |
| income tax return. An income tax return is a form or a | | | | instance, For Mumbai and even Delhi, the particular |
| document (a form of paper or it can be done online) | | | | floor area is of 600 square feet for inhabited |
| that it should report your taxable income in detail. And | | | | belongings and 100 square feet for any property for |
| also if necessary it should report any capital gain. | | | | profit. But if any senior citizen is not engaged in any |
| Section 139 of Income Tax Act, 1961 states that if the | | | | kind of commercial issue, then he is exempted from |
| maximum amount in a single year is more than the | | | | this condition. |
| total income, one should furnish return of income | | | | - If one should own a motor vehicle with more than |
| before or on the due date. The same sections states | | | | two wheels; |
| that one should file his tax returns if all his income is | | | | - If one should have to incur expenditure for himself or |
| more than the maximum exempted amount before | | | | any other individual on distant travel; |
| any deductions should be applied under several | | | | - If one should own any credit card which is not an |
| sections. | | | | add-on card, made by any organization; |
| But to better understand all this, let's go more in depth | | | | - If one is a member of any club where the entrance |
| of the situation. In the financial year 2009-2010 the | | | | fee may exceed Rs.25, 000; |
| maximum income is 160,000 (men) and 240,000 | | | | If one should belong to any of these conditions, they |
| (women), income which is not chargeable to tax. This | | | | are liable for a return filing. If one should not file his |
| is for resident individuals which are over 65 years old. | | | | income tax returns, he will be legally responsible for |
| In the case if, for example, you total income is 160,000, | | | | penalties or/and prosecution under Income Tax Act. |
| and that is before applying any deductions, you are not | | | | Besides that, one should always now that there are |
| legally responsible to file an income tax return. If you | | | | many indirect benefits of return filing. If you want to |
| total income is over 160,000 and you want to ask for a | | | | visit abroad, you will most likely need visa, and you will |
| deduction of 10,000 underneath sector 80C for saving | | | | most likely need to submit tax returns of your past 3 |
| in PPF, and yet if your whole earnings work out | | | | years. Again, if you are interested in any loans, you will |
| 150,001, you are legally responsible to report an income | | | | again need to submit an income tax return file of your |
| tax return. | | | | past 2 or 3 years. In many other situations, even |
| In the same section 139, it is also specified that there | | | | passport offices, return filing is accepted as a real valid |
| are certain conditions for which one will have to furnish | | | | proof of residence. |
| return of his earnings if the total of his earnings are not | | | | These days, filing an income tax return has become |
| more than the maximum exemption limit. These certain | | | | much easier than other periods of time. And this is |
| conditions are: | | | | especially because of e-filing process. And this is why |
| - If one should have to incur an expenditure of Rs. | | | | it is much better if you file your income tax return |
| 50,000 or above for use of electricity; | | | | without any kind of delays whatsoever. If you never |
| - If one should occupy an immovable property | | | | used e-filing process by now, you should know that |
| (ownership or otherwise), and he exceeds the | | | | there are a few very good places online where you |
| specified floor area. This particular floor area may very | | | | can do that. |
| well vary with the city areas, which details are being | | | | |