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PRIORITY OF TAX FILING

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By Subrata Kundu

 

 WHO SHOULD FILE INCOME TAX RETURN ?


 According to income tax act it is mandetary for every individual if there income crossed Rs.2,50000 before giving any deduction.
So if your income crossed Rs 2.5lakh then its mandatary for you.

But if your annual income dose not crossed Rs 2.5 lakh then also you need to submit your income tax file , as filing of income return is an declaration to words central govt. about your annual return because if you start submitting income tax file before you enters tax slabs then in future if you purchase some luxury product like flat or car from your savings then income tax department dose not ask you about source of money though if they ask you then you can show them that documents as a proof of your income.

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