New forms, additional information, completely paperless filing…. the Finance Ministry has introduced several changes in the way taxpayers will file their returns this year. As a taxpayer you need to be aware of these changes lest you file an incorrect return that gets rejected or results in a scrutiny notice.
Many taxpayers tend to believe that if they have no tax liability or have already paid all taxes, they need not file their returns. “It does not really matter whether you have paid any taxes or not.
Even if all your taxes are paid through TDS by the employer and bank or you have paid an advance tax, you still need to file returns if your annual income exceeds Rs 2.5 lakh,” says Archit Gupta, Founder and CEO, ClearTax.in. But before we get there, let’s look at the major changes in this year’s tax filing rules.
Who needs to file tax returns?
If the gross taxable income after exemptions, but before deductions, exceeds the basic exemption of Rs 2.5 lakh, you need to file your tax return.
Click Here for the detailed article from Economic Times, on the deadlines, forms, methodology, foreign income and assets and much more