Spouse Income For Tax Return
Description
How to fill out Complex Will - Income Trust For Spouse?
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FAQ
Step 3 ? Choose the appropriate ITR form for homemakers. If you are not earning any business income then ITR-1(SAHAJ) or ITR-2 may be applicable. Check the eligibility criteria and select the form that matches your situation.
However, if she has any income from capital gains, income from other sources, or income from more than one house property, she may have to file Form ITR-2. If the housewife has income from business or profession, she may need to file Form ITR-3 or Form ITR-4 depending on the nature of the business or profession.
An individual is required to file a separate return of income. Joint filing is not permitted. Husband and wife are treated as separate and independent individuals for the purposes of Indian income tax.
If the income of a housewife exceeds the stated slab, they must file an ITR. However, women under 60 years of age are exempt from paying taxes if their income is less than ?7 lakhs. Meanwhile, individuals over 60 years old are exempt from tax if their income is below ?3 lakhs.
Ans. If your total income exceeds the basic exemption limit prescribed by the Government which is ?2.5 lakh for the old regime and ?3 lakh in the new regime, you are required to file an Income Tax Return, regardless of whether you have a regular source of income or not.