How to download acknowledgement number after filing ITR

Remember to select the right ITR form while filing an income tax return. For example, ITR 1 is applicable for taxpayers with one house property who draw an annual salary of up to Rs 50 lakh. Further, the taxpayer can only file ITR 1 if he or she does not have any capital gains, business income, or agricultural income.

Keep in mind that if you file the wrong ITR form, you have to pay a huge penalty later.

You have to mention why you are filing ITR while filling up the details. Here are the options you will get while filing ITR, according to the ITR e-filing portal

The basic exemption limit will be Rs 2.5 lakh in the old tax regime and Rs 3 lakh in the new tax regime. If your annual income is more than the basic exemption threshold, you have to select the first option a) Taxable income is more than the basic exemption limit.

If your income is less than the basic exemption threshold, then check whether any of the other provisions will apply in your case.

As per Section 139 (1) of the Income-tax Act, 1961, income tax return filing is mandatory for a certain class of people mentioned below —

1) Company or a firm;
2) A person other than a company or a firm, if his total income during the previous year exceeded the maximum limit not chargeable to income tax.

As per the Income Tax Department, a person referred to in clause (b) of section 139 (1) is only required to furnish a return under the 7th Proviso to Section 139 (1) of the Income Tax Act, 1961, if such person has undertaken the certain high-value transactions specified in the section during the financial year. That means 7th Proviso to Section 139 (1) of the Income Tax Act is applicable for – a) An individual, b) a Hindu undivided family (HUF), c) an Association of persons, d) a Body of individuals (whether incorporated or not), e) An artificial juridical person.

What are the high-value transactions covered under the 7th Proviso to Section 139 (1) of the Income Tax Act, 1961?

1) The aggregate of deposits in current account/accounts exceeding Rs 1 crore
2) The aggregate of expenditures on foreign travel exceeding Rs 2 lakh
2) The aggregate of expenditure towards consumption of electricity exceeding Rs 1 lakh

If your annual income is below the basic exemption limit but you have undertaken any high-value transactions prescribed as per the provisions of the section, you have to select the option applicable to you.