Who is required to File ITR ?

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As per the Income Tax Act, it is mandatory to file ITR if:

  • Gross total income exceeds Rs.2,50,000 in FY 2019-20 (before allowing any deductions in section 80C to 80U). For senior citizens (60-80yrs) it is Rs.3,00,000 and for super senior citizens (80+) it is Rs.5,00,000.
  • You are a company/firm.
  • Want to claim an income tax refund.
  • Want to carry forward a loss under a head of income.
  • You are resident and have asset/ financial interest in an entity outside India. And resident and have a signing authority in foreign account (not applicable to NRIs or RNORs).
  • There‘s income derived from : property under trust (charity or religious purpose or political party and research association), news agency, education and medical institutions, trade union, anon- profit university/ educational institution, hospital, infrastructure debt fund.
  • You are a foreign company taking treat benefit on a transaction in India.
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When to file

Income tax returns need to be filed before the due date, else penalties are applicable.

Due date of filing income tax returns for FY 2019-20 (AY 2020-21): 30th November 2020
Penalty for late Income Tax Return filing after 30th November can be as high as Rs 10,000.
Last date of filing income tax returns for FY 2018-19 (AY 2019-20): 30th September


Package Title Price Payment Link
Salaried Individuals ₹ 400.00 INR Pay Now
Freelances/ Consultant ₹ 1,500.00 INR Pay Now
Professionals ₹ 2,000.00 INR Pay Now
Business ₹ 2,000.00 INR Pay Now
Share Trading, Derivatives and Commodities ₹ 2,500 INR Pay Now
Individual with Salary Income and/or Capital Gain Income ₹ 1,200.00 INR Pay Now
ITR for Housewives ₹ 400.00 INR Pay Now


There are various FORMS: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7 that are available online. These online forms vary depending on the criteria of the source of income and category of the assessee (as per section 2(7) of the Income Tax Act, 1961 it means a person by whom any tax or any other sum of money is payable under this act. But generally it is any person against whom proceedings under income tax act are going on, irrespective of the fact whether any tax or other amount is payable by him or not) It is the Income Tax Act 1961 and income tax rules 1962 which obligates a citizen to fill returns with income tax department at the end of every financial year (1st April – 31st March). Merakhata.com is the best reliable source for ITR filing online, quickest and most accurate way possible. Set-up a meeting with us by registering online at our website.

Benefit of filing Income Tax Return

  • Applying for loans: In case of vehicle loans, all major banks asks for a copy of tax returns. For instance: State Bank of India asks vehicle loan applicants for the latest salary – slip showing all deductions/ TDS certificate / FORM 16/ copy of ITR for the last 2 financial years. Even while applying for HOME LOANS, many banks ask for FORM 16 or even ITR receipts.
  • To claim refund : Most importantly, if you have a refund due from the Income Tax Department, you will have to file returns without which you will have to forgo the refund.
  • To carry forward losses: If you do not file returns you will not be able to carry forward capital losses (short term / long term), if any, in a financial year to be adjusted against capital gains made in the subsequent years.
  • Visa processing: Applying for a visa to undergo foreign travels also requires ITR receipts. If you are travelling overseas, foreign consulates ask you to furnish ITR receipts for the last couple of years at the time of visa interviews. Especially if you are travelling to the US, UK, Canada or Europe. For South East Asia or Middle East the visa laws are not so stringent. One must always carry ITR or income related proof as consulates specify these requirements in most cases. As ITR receipts show some source of income in India, it helps in strengthening one's case that someone will not leave the company for good but will return back.
  • For buying high life covers / policies: Nowadays buying high life covers has become very common i.e. over 50 lakhs to 1crore. These are available against your ITR documents to verify annual income.
  • Government tenders: If one has to plan to start their business and need to fill a government tender or two for the same , they will need to show them tax return receipts of the previous five years to show your financial status and whether you can support the payment obligation / or not. There are no strict rules; it generally depends on the internal rules of Government department.
  • Necessary for self – employed individuals: For all sorts of financial transaction, ITR receipts will be the only proof of income and tax payment of self employed.
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