Home |Tax returns filing | 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?

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Subin VR, Chartered Accountant,FCA, DISA (ICAI) verified
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.

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