For the FY 2019-20, I incurred expenses on foreign travel for self and family on my credit card for an amount exceeding Rs 2 lakh. I have income from freelancing which is less than Rs 2.5 lakh on a net basis. Should I file an ITR for the AY 2020-21 (FY 2019-20)?
For the AY 2020-21, the new criteria require an individual whose annual income is below the taxable limit to file in the following situations:
In your case, you incurred expenditure on foreign travel for yourself and your family during FY 2019-20. Hence, you will need to file an ITR and report your income.
Also Read: Tax Query: How is my EPF withdrawal taxed?
I have a loss of Rs 4 lakh from house property during the FY 2019-20. I have an income from salary of Rs 15 lakh against which I set-off a loss of Rs 2 lakh from house property. I have no tax payable or refund due. Can I carry forward the loss from house property if I do not file the ITR within the due date?
You can set-off a house property loss up to Rs 2 lakh against income from salary. You can carry forward the balance house property loss for eight succeeding years even if you do not file an ITR within the due date. In the absence of tax dues, you will not have any interest liability for a delayed filing of ITR. However, you need to pay a late filing fee of Rs 5,000 in case your total income is above Rs 5 lakh. In case you file on or after 1 January 2021 and until 31 March 2021, the late filing fee is Rs 10,000.
For any clarifications/feedback on the topic, please contact the writer at
I am a Chartered Accountant by profession. I specialise in personal taxes and corporate income tax matters. I am an avid reader and track developments in financial markets, economy and other market developments.
The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…
The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…
Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…
Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…
A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…
Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…