Persons mandatorily required to file Income Tax Returns

  • All Companies, Partnership Firms, LLPs
  • Trusts, Association, Political Parties [ whose income prior to claim of exemptions exceeds the minimum chargeable to tax]
  • Individuals & HUF having income more than Rs 2.5 lakh [For senior citizens, Rs 3 lakh (age 60 years upto 80 years) and Rs 5 lakh(age 80 years or more)]

Its not too late but Please Note that 31st March, 2018 is the final due date for filing Belated Returns for AY 2016-17 & AY 2017-18 and Revised Returns for AY 2016- 17.

Special Attention requested from those who have deposited large amount of cash in your bank account / made high value transactions. Please consider your transactions during the year and file your returns. Kindly also keep in mind non-filing or incorrect filing of return of income can result in penalty, prosecution and other consequencies.

Advantages of Filing Income Tax Returns

  • Claim excess TDS deposited for you as Income Tax Refund
  • Helpful for Loan Processing. Most loans dont gets approved unless you have file Income Tax Returns (ITR) for prior few years
  • Income Tax Returns are useful for VISA Processing also
  • Income Tax Returns help Buying Higher Life Covers
  • Any event/ arrangement that needs Financial Proof can not be supported without your Income Tax Returns
  • Having No Black Income and contributing to the growth of Indian Economy
  • Most Importantly Non Filing by those required to mandatory Filing can lead to Penalties, Prosection and other lconsequencies in Future
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