To mandatorily file ITR if Power bill over Rs 1 Lakh during FY23: There is severe heat in most parts of North and Central India including the national capital Delhi. This heat has made it difficult for people to go out of their homes. Appliances like AC, coolers, fans are providing some relief in homes and offices. However, the electricity consumption has increased a lot due to the use of these appliances. In such a situation, it is natural for the electricity bill to be high.
Not only in summer but also in winter, the use of equipment like heaters increases the burden on the pocket. Apart from this, there are many festivals like Diwali in a year in which the consumption of electricity increases. But do you know that after a certain limit, it is mandatory to file ITR on electricity expenses. Under the Income Tax Act, if the expenditure on electricity consumption in a financial year in the name of a person is more than Rs 1 lakh, then in such a case it is mandatory for the person to file ITR.
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If you have spent more than Rs 1 lakh on electricity bill for the electricity used in home or office during the last financial year (1 April 2023 to 31 March 2024) in total months, then you will have to file ITR in the current financial year. The last date for filing income tax return for the financial year 2023-24 in this assessment year (FY2024-25) is 31 July 2024.
What is ITR?
ITR or Income Tax Return is a tax return form used by taxpayers to report their income and assets to the Income Tax Department. It contains details related to the personal and financial data of the taxpayers. ITR is mostly filed in electronic mode but for senior citizens there is an option to file it manually as well. Taxpayers can be an individual, artificial juridical person, firm, trust, company or a society.
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Apart from electricity bill, ITR has to be filed in these cases also
Apart from the electricity bill, there are some other categories in the Income Tax Act under which all the taxpayers are required to file ITR within the due date.
If a person spends more than Rs 2 lakh on foreign travel, then it is also kept within the scope of ITR.
If a person’s income is within the prescribed limit but he deposits an amount or the total amount exceeding Rs 1 crore in one or more current accounts, then he will be brought under the purview of ITR.
Every company and firm, whether incurring loss or making profit, has to file ITR.
If you have deposited a total amount of Rs 50 lakh or more in one or more savings bank accounts, then you are required to file tax returns.
If your TDS/TCS deducted at source in the previous financial year is more than Rs 25,000 (in case of senior citizens this limit is Rs 50,000), then you will have to file ITR fine.
If you are engaged in any profession and your gross receipts during the previous financial year exceed Rs 10 lakh, then you are required to mandatorily file tax returns.
If you are a businessman and your total sales, turnover or gross receipts during the previous financial year exceed Rs 60 lakh, then you are required to mandatorily file tax returns.
If your gross total income is more than Rs 2.5 lakh, then you need to file ITR. In case of senior citizens, this limit is Rs 3 lakh and for super senior citizens, i.e. people above 80 years of age, it is Rs 5 lakh. That is, if your total income is less than Rs 2.5 lakh, then you do not need to file ITR.