Who should file income tax return?

By: Arena

Every individual has to furnish the return of his income tax if his/her total income before allowing deduction under Chapter VI-A (i.e., if his gross total income in the return form) exceeds the maximum amount which is not chargeable to income tax.
The amount of gross total income not chargeable to income tax is:
a) Women (below the age of 65 years): Rs. 1,45,000
b) Any other individual (below the age of 65 years): Rs. 1,10,000
c) Any individual (65 years of age or above): Rs. 1,95,000
For e.g., a non-senior male having annual income above Rs. 1.1 lakh should file return, even if he can claim the entire Rs. 1.1 lakh in deductions.
Any person to be considered 65 years of age or above should have achieved 65 years of age on or before 31st March, 2008.
Due date of filing income tax return
• Due date is the date prescribed by the department as the last date of filing return. For Individuals who are not liable to be audited the due date prescribed for filing return is 31st July 2008 unless extended further by a separate notification.
* The income tax department may any time extend the due date for filing Return of Income by issuing a public notification. In that case such an extended date shall be considered as Due date of filing income tax return.
* Even if the person can not file return of income by due date, he can still file return up to 31st March of the next financial year . In such a case no penalty will be imposed for not filing the return by due date. E.g. if a person whose due date for filing is 31st July 2008, and could not file return by the due date, then he can file the return up to 31st March 2008.
* All losses are allowed to be carried forward to next year only if the return is filed within due date, except when there is loss under the head house property.
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