anuragmukherjee28
KF Mentor
Is there anyone who has a sound Knowledge about tax , I have a few questions to ask
Any tax expert ?
- Thread starter anuragmukherjee28
- Start date
Abhishek s Jain
KF Ace
Can you please post your query? Any one from us will reply l..
anuragmukherjee28
KF Mentor
I am a student and I earn around 20k per month from my freelance, should I file income tax , or not ?
Abhishek s Jain
KF Ace
Yes , you have to file a Income tax return. There is no compulsion for filing it ITR for you. But it helps you for getting an credit service from any financial institution and build your financial profile in long run.
So suggest you to file it. And now a days filing ITR is very easy, even non financial guy can also file it..
finance.geek
KF Expert
As Mr Abhishek said its correct but if your deductor has deducted TDS (@10% )then after filing your income tax you can get back your hard earned Money which is initially Deducted.
anuragmukherjee28
KF Mentor
thank you for the answers
Sayantan
KF Ace
Further, the basic exemption limit has been hiked to Rs.3 lakh from Rs.2.5 earlier under the new income tax regime. The amount of rebate under Section 87A has been enhanced under the new tax regime to taxable income of Rs 7 lakh. The tax rebate was available for taxable income up to Rs 5 lakh in new tax regime till FY 2022-23. Thus, individuals opting for the new income tax regime in FY 2023-24 and having an income up to Rs.7 lakh will not pay any taxes.
CAKaushik
KF Rookie
Hi Anurag,
I see you are earning close to Rs. 2,40,000/-p.a.
If you do not have any other income like Interest from Savings Bank, Fixed Deposits, Dividends, Rental Income, Capital Gain from sale of shares etc. and your Total Income is less than Rs. 2,50,000/- p.a. then as per law you are not compulsorily required to file Income Tax Return.
In such a case you may choose to file Income Tax Returns voluntarily, if anyone has deducted your TDS (by filing Income Tax Return you will be able to get refund for this TDS) or you are planning to apply for any loan in coming 3-4 years.
Hope this helps.
I see you are earning close to Rs. 2,40,000/-p.a.
If you do not have any other income like Interest from Savings Bank, Fixed Deposits, Dividends, Rental Income, Capital Gain from sale of shares etc. and your Total Income is less than Rs. 2,50,000/- p.a. then as per law you are not compulsorily required to file Income Tax Return.
In such a case you may choose to file Income Tax Returns voluntarily, if anyone has deducted your TDS (by filing Income Tax Return you will be able to get refund for this TDS) or you are planning to apply for any loan in coming 3-4 years.
Hope this helps.
anuragmukherjee28
KF Mentor
thanks for the answer , this is what I was looking for
BeKifaayti Original
KF Rookie
Your question?
anuragmukherjee28
KF Mentor
I am a student and I earn around 20k per month from my freelance, should I file income tax , or not ? this was my question
BeKifaayti Original
KF Rookie
no you your income is under income tax slab
Divya Prakash Dugar
KF Rookie
Since your total income is below exemption limit of Rs 2,50,000/- so you are not mandatorily required to file your ITR.
Similar threads
