Income tax return is an income declaration by the citizen of a country to it’s government stating the total income earned by citizen and pay tax if required.
Thus, as per Income Tax Act of India every individual who earns more than 2.5 lakhs in a year needs to file Income Tax Return in India and it is governed by section 139 of the Income Tax Act.
Since, the liability to file Income tax return is on each and every citizen even students are required to file Income tax return if their total income during a year exceeds Rs. 2.5 lakh.
One would think what are students earning that they are required to file Income tax return in India?
If this question was asked 10 years before then the answer would have been different, and students might not be filling Income tax return but in today’s scenario students are also earning income along with their studies.
Various sources of income earned by students are as under:
- Tuition income by teaching junior students.
- Doing internship at companies.
- Answering questions on online platforms Chegg etc.
- Providing freelancer services under Accounting, editing videos, coding etc.
- Doing trading in shares and securities etc.
Hence, if you are earning from any of the above activities or any other activities also which gives you money and if that amount is more than 2.5 lakh in a year then you are required to file income tax return.
However, under the Income Tax Act some income could also be exempt like internship stipend received by various professional is exempt u/s 10(16) of the Income Tax Act if the same is received to support your education.
Thus, if you are more than 18 years of age, first get a PAN for yourself and if you are earning an income more than Rs.2.5 lakh in a year then you are required to file income tax return irrespective of whether or not you are working full-time.
You can book phone consultation/ assistance online with expert as mentioned below:
To book ITR filing with experts CLICK ME.
To book phone consultation with experts for any Income tax related matters CLICK ME.
To book consultation for Faceless Assessment with experts CLICK ME.
To book phone consultation with experts for GST related matters CLICK ME.
To book general phone consultation with expert CLICK ME.
