Filing Income Tax Return (ITR) as a Student: Need Guidance

[Mysterio_6174]

Hi everyone,

I hope you're all doing well. I'm a 19-year-old student, and I have some questions regarding filing my Income Tax Return (ITR) this year. I recently learned that for individuals with an income of up to 7 lakh, it is tax-free. Since I fall within this income bracket, I am considering filing my ITR to potentially increase my credit card limit.

I currently have three credit cards with low limits and I believe that by submitting my ITR, I might have a better chance of increasing those limits. However, I'm unsure about the appropriate ITR form to use. Should I file ITR 1 or ITR 2? Your guidance on this matter would be greatly appreciated.

Another concern I have is that while I want to file an ITR for an income of around 6-7 lakh, I don't actually have any income as I am a student. Can this cause any problems for me down the line?

Thank you in advance for your help and advice. I look forward to hearing your thoughts on this matter.

 

[CARDBITRAGE]

Best you consult a tax advisor or CA for this. Falsifying income may have repercussions.

 

[WandereR]

I recently learned that for individuals with an income of up to 7 lakh, it is tax-free.

Isn't that for FY 2023-24 onwards under the new regime? Do you want to file ITR for the next AY?

 

[SpiesCan'tCatchMe]

The 7 lakhs limit under new regime you're talking about will be available from next year. This year you can safely file an itr for an income of less than 5 lakhs. And it'll fetch all your account and deposit interest in the AIS. Students can also file a nil itr.

 

[Deleted member 11974]

Hi everyone,

I hope you're all doing well. I'm a 19-year-old student, and I have some questions regarding filing my Income Tax Return (ITR) this year. I recently learned that for individuals with an income of up to 7 lakh, it is tax-free. Since I fall within this income bracket, I am considering filing my ITR to potentially increase my credit card limit.

I currently have three credit cards with low limits and I believe that by submitting my ITR, I might have a better chance of increasing those limits. However, I'm unsure about the appropriate ITR form to use. Should I file ITR 1 or ITR 2? Your guidance on this matter would be greatly appreciated.

Another concern I have is that while I want to file an ITR for an income of around 6-7 lakh, I don't actually have any income as I am a student. Can this cause any problems for me down the line?

Thank you in advance for your help and advice. I look forward to hearing your thoughts on this matter.

this year you will be able to inflate your ITR up to 5 lakhs as the new regime starts next year.
No harm in trying to inflate because officers usually don't raise queries but if they do you can end up saying that you added a zero by mistake

 

[rp0703]

Hi everyone,

I hope you're all doing well. I'm a 19-year-old student, and I have some questions regarding filing my Income Tax Return (ITR) this year. I recently learned that for individuals with an income of up to 7 lakh, it is tax-free. Since I fall within this income bracket, I am considering filing my ITR to potentially increase my credit card limit.

I currently have three credit cards with low limits and I believe that by submitting my ITR, I might have a better chance of increasing those limits. However, I'm unsure about the appropriate ITR form to use. Should I file ITR 1 or ITR 2? Your guidance on this matter would be greatly appreciated.

Another concern I have is that while I want to file an ITR for an income of around 6-7 lakh, I don't actually have any income as I am a student. Can this cause any problems for me down the line?

Thank you in advance for your help and advice. I look forward to hearing your thoughts on this matter.

1. 7 lakh slab rate is applicable from next assessment year. For current assessment year you can file return of net income upto 5 lakh without paying any tax.

2. If you have income upto 50 lakhs from Salary, other sources like interest, dividend and one house property then you can file ITR-1. If your income exceeds 50 Lakhs or you have income under the head capital gains then you have to file itr 2.

 

[anildas]

ITR forms and slab questions have already been answered. Regarding showing non existent income below taxable limit, it is not going to be an issue with the IT department.

But as your purpose is to increase the credit limits, I would suggest you to show only a reasonable amount of income from a logical source, as banks will most probably ask for payslips or bank statement if you declare it as salary income. If they do so and you are not able to provide that, they can easily get to know that it is bogus.

You may rather show a reasonable amount of income from some other source which you may be able to justify and substantiate. Like some freelance work, or tuition or something like that. But then you will have to file it as business or professional income.

 

[Testcc]

ITR -1 unless you have income from Capital markets, Lottery, Races etc. 🙂. In those cases ITR - 2

Don't falsify your income. What are you going to achieve? and what will be source of income? Focus on studies. Once you get a good job, full life mai aache cards with higher limits mil jayenge.

 

[Deleted member 11974]

what if someone AIS report has :
interest from savings bank ac : 900
dividend : 3
interest from deposits : -23
sale of securities (IPO) : 19203

he also rotateted cc to bank and paid cc bill but as all under 10 lacs so no report in AIS, no salary no buisness, some pocket money from family thats all

which itr should he file ? does he need to mention funds (cc to bank) even though nothing is reported ?

Rotation doesn't count
And your capital gains is under 5L file ITR 2 and you don't have to pay any taxes.
The pocket money is considered as gift from family members which isn't taxed.

 

[rdargar]

Hi everyone,

I hope you're all doing well. I'm a 19-year-old student, and I have some questions regarding filing my Income Tax Return (ITR) this year. I recently learned that for individuals with an income of up to 7 lakh, it is tax-free. Since I fall within this income bracket, I am considering filing my ITR to potentially increase my credit card limit.

I currently have three credit cards with low limits and I believe that by submitting my ITR, I might have a better chance of increasing those limits. However, I'm unsure about the appropriate ITR form to use. Should I file ITR 1 or ITR 2? Your guidance on this matter would be greatly appreciated.

Another concern I have is that while I want to file an ITR for an income of around 6-7 lakh, I don't actually have any income as I am a student. Can this cause any problems for me down the line?

Thank you in advance for your help and advice. I look forward to hearing your thoughts on this matter.

Hi I wish to highlight that filing an ITR will help in long run and weild way more benifits than the Credit Card itself including but not limited to built up of capital to purchase future assets etc.
Although you can inflate and it will not create any problem as it can be easily specified as tution income/gift income (50k) etc.
Let me know if you need any other help.