Download last 3 years itr5/7/2023 ![]() For carrying forward a loss under a head of income If you want to claim an income tax refund ![]() The profit or loss during the financial year is immaterial. If you are above 80 years, the limit is Rs 5 lakhs. If you are a senior citizen (above 60 years and below 80 years), this limit is Rs 3 lakh. As an individual, the gross total income (prior to deductions under section 80C to 80U) exceeds Rs 2.5 lakhs in FY 2018-19. ![]() So it is important to file returns on time.Īs per the current law, income tax returns have to be filed mandatorily in the following circumstances: If a taxpayer who is otherwise eligible to file returns fails to do so, penalties can be imposed. Returns have to be filed using the Income Tax Return of ITR Forms. ITR serves as a proof of legal and disclosed income. First up, let us understand why do we need to file returns? ITR is a statement of from different sources, tax liabilities, income tax paid and the refunds provided by the government. Since the rules undergo change, there is a lot of confusion. Come July and the only thing people seem to worry about are the income tax returns.
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