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Video instructions and help with filling out and completing Fill Form 2220 Applicable

Instructions and Help about Fill Form 2220 Applicable

P>It is indeed very easy and simple to file the tax return. So, I will explain to you the first step in the tax filing process. The first step is to determine if you are actually liable to file a tax return. Anyone is required to file a tax return if their income exceeds the taxable threshold. For individuals, the taxable threshold is 2.5 lakh rupees. However, for senior citizens who are 60 years or older, the threshold is 3 lakh rupees. And for very senior citizens who are 80 years or older, the threshold is 5 lakh rupees. There are two cases where even if your income is below the taxable threshold, you may still be required to file a tax return. For example, if your income is below 2.5 lakh rupees but you had some capital gains income from the sale of exempt assets under Section 1038, then that capital gains income would be included in determining your filing obligation. Once you have determined that you have a filing obligation, you need to start compiling the details of your income sources. This includes determining if you have income from salary, rental income, income from other sources, or income from a business or profession. This information is relevant in order to determine which tax form you will use. If your income is more than 50 lakh rupees, you cannot use ITR 1, which is for individuals with simpler sources of income. Instead, you will need to use ITR 2. Additionally, it is important to note that it is now mandatory to link your Aadhaar card with your Pan card. If you do not have an Aadhaar card, you should immediately get one. If you are enrolled in a government ID program, you can use that ID to complete your...