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I am a college student. I have pan card. Do i need to file ITR? Does money transactions done between bank accounts of family members have a role in the need for filing ITR? I mean, is there any transaction limit upon which, if limit exceeds the person has to file ITR?
I am a college student. I have pan card. Do i need to file ITR? Does money transactions done between bank accounts of family members have a role in the need for filing ITR? I mean, is there any transaction limit upon which, if limit exceeds the person has to file ITR?
Subin VR, Chartered Accountant,FCA, DISA (ICAI)
Answered on May 11,2021
Answered on May 11,2021
No money transactions limit. Income tax is for your income; not for transactions. If your income exceeds 2.50 lakhs in a year, you have to file returns.Please check this video to see whether you have to file income tax or not.