Hi ILites:wave I need some info regarding Income tax returns. I always thought it is not required to file if salary is less than 2l(for women). When i started working my salary was less than 2l/annum so never bothered to think about it. After about 2 years when i joined a company where salary was more than 2l/annum i still didnt think about it,reason i joined this company in september and when asked an hr from the company about submitting rent receipts for tax rebate he said it is not required for current financial year as the total income would not exceed 2l(i had taken a break of 2 months before joining this co). i didnt receive any form 16 on my email for that year and assumed no need to file for tax returns. The following year i quit my job and that was my last job untill now(now a housewife).now i have received a form 16 for april to june(i quit last june). that amount also is less than 2l(because it is only for 3 months and no income after that).i presumed it does not come under this slab and didnt think about it this time as well. But my husband told me yesterday that whether income is less than or more than 2l filing IT returns is compulsory. I am worried nowthinkingsmiley PLease help me with this. sorry if this is a bit confusingsorrysmiley
Yes your husband is right, whether your salary is higher slab or below the slab, you need to show to Income Tax Department what was your income for this year. Companies will only deduct tax from our salary, but they will not send details of your income to the ITD. So, even though there is no tax for you, you still need to file your returns to ITD to tell them, this is my earnings and this is my tax for this year. If you are not filing your returns then it means we are not showing our income to the Income Tax Department.
Yes Bloregal your husband is right whether your income falls under taxable bracket or not it is required for you to file the returns. It also helps in future if you want to take some loans etc. Dont Worry you can still file Previous years returns too.