Income Tax Return (ITR) : Who Should Apply for ITR and How to claim Tax Deduction?
Who should apply for the ITR?
A person whose annual income exceeds the basic exemption limit of Rs 2.5 lakh must apply to the ITR. The basic release limit for older persons (60 years and older and under 80 years) is Rs 3 lakh, and for older adults Rs 5 lakh.
How do I apply for a tax deduction?
You must submit income tax returns to claim income-saving tax deductions such as ELSS, PPF, NSC investment and payments such as mortgage repayment, insurance and contributions.
I get my salary after a TDS deduction. Do I need to file an income tax return?
Please submit your income tax form if your annual income exceeds Rs 2.5 lakh. The TDS deduction does not replace the requirement to file ITR. When you e-file your ITR, you must provide details of your annual income, claim reduction and TDS credit deducted by your employer.
See also: SBI IFSC Code Finder Tool
How do I apply for a tax refund?
You can apply for a tax refund by submitting an e-file to your tax return. E-filing allows you to claim credit for overdue TDS and tax refunds.
How can you verify my ITR?
You can verify your ITR within 120 days from the date of filing. You can verify online using your net banking account or Aadhaar based OTP. Failure to verify your ITR may invalidate the completion of your ITR.
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