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Tax Genius LLP www.taxgenius.co.in Helpline: 08019448888


Mandatory Filing as per the IT Act

In the following situations the Income Tax Act its mandatory for you to file an Income Tax
Return in India for Financial Year 2013-14 or Assessment Year 2014-15
(1) You are a Company or a Firm - irrespective of whether you have Income or Loss
(2) You are a Person other than a Company or a Firm - when your Gross Total Income
(Income before giving deductions under section 10A, 10B, 10BA, 80C to 80U) is more than
the amount of minimum exempt income. Minimum Exempt Income as per the above
income tax slab.
(3) You are a Resident Indian and you have any asset or a financial interest in any entity
which is located outside India or you are a signing authority in any account outside India -
irrespective of whether you have taxable income or not. (this is not applicable to you if you
are a NRI or a Resident but Not Ordinarily Resident).
(4) You are a person who is in receipt of income derived from property held under a trust for
charitable or religious purposes OR A Political Party OR a research association, news agency,
educational or medical institution, trade union, a not for profit university or educational
institution, a hospital, infrastructure debt fund, anybody, any authority or trust - when your
Gross Total Income before deductions exceeds minimum amount not chargeable to tax.

For accidental claim in third party Insurance

Life is uncertain, this is one of the rare benefit of filing the ITR every year. It does not bother
if the income barely touches or crossing the taxable limit. If you keep filing ITR of yourself or
spouse, just because CA /Lawyer is your neighbour or charge very nominal fee, it can help
you in future in case of accidental death of any one member/s during roadside accident,
because during court trial insurance company need the proofs of income to arrive at the
amount of accidental claim, if any return is missing, mainly last 3 years , this could lower the
claim amount or even no claim because court take ITR as only evidence. No wealth record,
FDs, business etc is given that much importance as compared to ITR in the eyes of law .The
formula for claim is by multiplying the Yearly income in ITR with years of expected life of
deceased .So next time give special thanks to your tax professional to remind you every year
about the regular return filing .
You can get 10 times of Net Taxable Income as a compensation.


In case you are a Non Resident, you will be required to file a return in India, if you are any
one of the Person listed above and your income is 'earned' in India. Which means any
income received in India or the law deems it to be received in India by you or on your behalf
OR any income that accrues or arises in India or income that the law believes accrues or
arises in India to you will be taxed.

Tax Genius LLP www.taxgenius.co.in Helpline: 08019448888


Tax Refund

In case excess TDS has been deducted on your income and you need to claim a refund - in
this situation you must file a return to claim the tax refund.


Filing returns makes loans easier to process. When you reach out to a bank or a financial
institution for a loan a house loan or a personal loan - they usually require copies of your IT
returns to check your credit worthiness.

Carry forward & Set off of Losses

Though as a Company or a Firm you are required to file a return irrespective of whether you
have income or losses. In cases where a person has Loss under the head 'Income from
House Property' or loss under the head ' Profits & Gains of Business or Profession' 'Capital
Gains' or losses from 'Income from Other Sources'. Such losses may be allowed to be carried
forward and set off (upon fulfilment of certain conditions) provided a Return has been
submitted by you in time.


Mandatory to have income tax returns for the processing of any VISA

Registration of Immovable Property

In most of the sates requires production of tax returns for the registration of immovable

Revised Return

Revised return can be filed subsequently when the assesse needs it.

Avoid Penalties

While the IT department has already upped its game to hunt the tax evaders and non-filers
by keeping a close watch on bank accounts and credit card expenses - there are also a set of
penalties laid down in the Income Tax Act. Under section 234A interest is levied when you
do not file a return or you file a return after the due date. Under section 271F a penalty of
Rs. 5,000/- is payable when you fail to file a return. Additionally, when you do not file your
return and your assessing officer believes income has escaped tax, he has the authority
under the Act to assess your income for a period of up to 4 years (however small may be
such income). He can also assess your income beyond 4 years up to 6 years - when your
escaped income is Rs. 1,00,000/- or more. The time limit for him to assess your income goes
up to 16 years if your income from asset situated outside India chargeable to tax has
escaped assessment.

Tax Genius LLP www.taxgenius.co.in Helpline: 08019448888