INSUBCONTINENT EXCLUSIVE:
The government mandates that individuals who earn a specified amount of annual income must file income tax return (ITR) within a
profits and gains of business or profession
( All You Need To Know About ITR Form 1 Sahaj)Who can use form ITR-2This return form can be used by an individual or a Hindu Undivided
Family (HUF) who is not eligible to file form ITR-1 (Sahaj) and who is not having any income under the head- profits or gains of business or
profession, according to Income Tax Department's e-filing website- incometaxindiaefiling.gov.in.( How To Verify ITR Online)Exemption
LimitsEvery individual or HUF whose total income before allowing deductions under Income Tax Act, exceeds the maximum amount which is not
chargeable to income tax is obligated to furnish return of income
under:CategoryAmount"In case of an individual who is below the age of 60 years or a Hindu Undivided Family (HUF)"Rs 2,50,000"In case of an
individual, being resident in India, who is of the age of 60 years or more at any time during the financial year 2018-19 but below the age
with the Income Tax Department electronically on the e-filing web portal of Income-Tax Department and verified in any one of the following
manner - digitally signing the verification part, or authenticating by way of electronic verification code (EVC), or by sending duly signed
paper form ITR-V (Acknowledgment) by post to central processing centre (CPC)
The form ITR-V should reach CPC within 120 days from the date of e-filing the return, according to the Income Tax Department.Filing the
10,000 depending on the degree of delay.Get Breaking news, live coverage, and Latest News from India and around the world on
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