Bifalgorithm post

If you are in this list, then not filing ITR by this 31st July will for sure get you notice from the income tax department. Hi, this is Tindu Leica and I love talking about money. First, if your total income exceeds 4 lakh rupees under the new tax regime, filing is mandatory even if your final tax payable is nil due to the rebate. Now, even if this income is below the limit, the income tax act still makes filing compulsory based on your transactions made during the year. So if you spent over 2 lakh rupees on foreign travel this year, you have to file. You have electricity bills above 1 lakh, you still have to file. And if your deposits are over 50 lakh rupees in savings account, same thing. Business turnover above 60 lakh, professional receipts about 10 lakh or TDS of 25,000 or more in a year makes filing mandatory. Now, here is the thing. TDS does not always cover income from freelancing, crypto gains, capital gains or FD interest. So, when you sit down to file, you may realize there is still some tax due. That is called a self-assessment tax which has to be paid at the time of your ITR filing. So you just have to go to the e-filing portal, fill in your details and pay. That's it. I personally do it through Kotak Payment Gateway as it is secured and lets you pay using debit card, credit card from any bank or even using UPI. And when I use my Kotak Preview Business Debit Card, I get 10% cash back. If you are a Kotak holder too, you should check their website for offers applicable to your card. Do not wait until the last moment, beat the 31st July deadline. Click the link in my bio.

If you are in this list, then not filing ITR by this 31st July will for sure get you notice from the income tax department. Hi, this is Tindu Leica and I love…