Is it mandatory to file ITR if TDS is not deducted?

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No, it is not mandatory to file an Income Tax Return (ITR) in India solely based on whether TDS was deducted or not. The requirement to file ITR primarily depends on your total gross income (before deductions) crossing the basic exemption limit or meeting specific financial criteria, regardless of whether any tax was withheld at source.

Is it mandatory to file an income tax return if TDS is deducted?

Do I need to file returns if tax has been deducted by my employer / bank? Yes, employers and banks deduct tax at source on salary and interest income respectively. You still need to disclose the income on which tax has been deducted and claim credit for TDS in the Income Tax Return.

What happens if TDS is not deducted?

Levy of Interest:

Any individual who is liable to deduct TDS but fails to deduct it wholly or partly, or does not pay it to the government, will be subject to pay interest. The interest rate is: One percent per month or part of a month on the TDS amount from when TDS was to be deducted.

Who is not required to file ITR?

Who is Exempted from ITR Filing in India? Senior citizens should be more than 75 years of age. Senior citizens should be 'Resident' in India in the previous years. He earns income from interest and pension only.

Do I need to file an income tax return if there is no taxable income?

No, filing of Nil return is not mandatory. It is optional. ITR filing is mandatory only when you exceed the basic exemption limit (Rs 2.5 lakhs in case of the old regime, Rs 3 lakhs in case of the new regime).

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What is the minimum income to file an ITR?

If your annual income is more than ₹2.5 lakhs per annum, you must file Income tax* returns in our country. This limit is stretched to ₹3 lakhs for senior citizens above the age of 60.

How to file ITR for NRI?

How To File Income Tax Return Online? Your Step-By-Step Guide

  1. Step 1 - Login or Register to incometax.gov.in. ...
  2. Step 2 - Verify Your Details. ...
  3. Step 3 - Select the Assessment Year and Mode of Filing. ...
  4. Step 4 - Start New Filing or Continue With A Saved Draft. ...
  5. Step 5 - Select Your Taxpayer Type. ...
  6. Step 6 - Select The Right ITR Form.

Which taxpayers are not required to file a tax return?

Who are not required to file Income Tax returns?

  • An individual earning purely compensation income whose taxable income does not exceed P250,000.00.
  • An individual whose income tax has been withheld correctly by his employer, provided that such individual has only one employer for the taxable year.

How do I know if I should file an ITR?

Who should file ITR? In general, any individual or entity whose total income during the financial year exceeds the basic exemption limit (which varies depending on age and income category) must file an Income Tax Return (ITR) in India.

Why is my TDS not showing in ITR?

TDS Not Reflected in Form 26AS: Form 26AS is the annual tax statement that shows the TDS deducted against the taxpayer's PAN. Sometimes, TDS deductions might not be reflected in Form 26AS due to delays in filing by the deductor or errors in uploading the TDS details to the Income Tax Department's system.

How much TDS is deducted on a 70,000 salary?

TDS on Salary would be deducted @ 9.56%. Therefore TDS on Salary would be 9.56% of Rs. 70,000 i.e. Rs.

What is the penalty for non filing TDS return?

Late Filing Fee: A late filing fee of ₹200 per day is charged for the delay in filing the TDS return until the fee equals the TDS amount. Penalty: As per Section 271H, a penalty ranging from ₹10,000 to ₹1,00,000 may be imposed for the non-filing or incorrect filing of TDS returns.

What happens if ITR is not filed?

Consequences of Not Filing ITR

Failing to meet this deadline could result in a penalty of ₹ 5000 if the return has been submitted after the due date under Section 234F. The penalty is reduced to ₹ 1000 if your total income is under ₹ 5 lakh for the concerned year.

How much TDS is deducted on a 60,000 salary?

Here's how TDS is calculated: Annual Income = ₹50,000 x 12 = ₹6,00,000. Tax Liability (as per slabs) = ₹60,000. TDS Deducted Monthly = ₹60,000 / 12 = ₹5,000.

What is the TDS rate if ITR is not filed?

Mr P did not file his IT return for both the years and the due date of filing the return has expired. Hence, the tax should be deducted at the rate of 5%. Further, if PAN is not furnished, then TDS shall be deducted at the rate of 20%, which is higher than 5% or 2% (twice of 1%).

How to file a zero income tax return?

Step-by-step guide on how to file Nil ITR return

  1. Step 1: Register on the Income Tax Portal. ...
  2. Step 2: Navigate to e-File section. ...
  3. Step 3: Select the appropriate ITR form. ...
  4. Step 4: Fill in the required details. ...
  5. Step 5: Validate and generate XML. ...
  6. Step 6: Upload XML and submit. ...
  7. Step 7: Verify your return.

Who is not required to fill ITR?

Who is Exempted From the ITR Filing Process? According to Section 194P of the IT Act, taxpayers 75 years or above are exempt from filing IT returns.

Is OFW required to file an income tax return?

OFWs are tax exempt according to the National Internal Revenue Code. Tax exemption is based on residency status and not OEC.

Is it compulsory to file ITR if income is below 2.5 lakhs?

As per the Income Tax Act, 1961, individuals with an annual income below ₹2.5 lakh are not required to file an ITR. However, there are exceptions where filing is still necessary or beneficial, such as: If you want to claim a tax refund. If you had TDS deducted from salary, bank interest, or investments.

Should NRI file ITR1 or ITR2?

If you are an NRI with income in India, you will have to use ITR-2 or another applicable form depending on your income sources. For example, a non-resident earning rental income or interest in India must file ITR-2 (since ITR-1 cannot be used by non-residents).

What is the penalty for late ITR filing?

The penalty for late filing of ITR is Rs. 1,000 for income up to Rs. 5 lakhs and Rs. 5,000 for higher incomes, plus 1% monthly interest on unpaid tax.

How to claim TDS refund for NRI?

To claim a refund of the TDS Deducted, the NRI would be required to file an income tax return in India after the end of the financial year. While filing the Income Tax Return, the NRI would be required to self compute his income and the income tax liability as per the slab rates.