ITR Filing: The deadline for filing your ITR has recently passed. Salaried employees have already paid their income tax, but did you know that housewives are also required to file their ITR? Let us explain.

Is it necessary for housewives to file ITR? Know here

ITR Filing News: Filing income tax returns is a crucial financial responsibility, one that every salaried individual or business owner must fulfill. Many people only know that employed individuals pay income tax. But did you know that housewives or homemakers who don't work outside also pay taxes? Don't know? Let us explain.

Do housewives also file ITR?
While homemakers don't have a job or a fixed salary, that doesn't mean they can't have any income. If a homemaker earns income from interest, rent, investments, or any other source, it's important to understand the income tax rules and file taxes.

What do the rules say?
According to the Income Tax Act, if a homemaker's annual income is below the prescribed basic exemption limit, she generally doesn't need to file an ITR. For those under 60, this limit is ₹4 lakh under the new tax regime and ₹2.5 lakh under the old tax slab. If a homemaker's income exceeds this limit, she may be required to file an ITR based on her income. Separate income limits also apply for super senior citizens over 80 years of age.

What are some possible sources of income for housewives?
Housewives may not have jobs, but that doesn't mean they have no sources of income. They can earn income from other sources. Let's explain what these sources might be:

• If a husband gives his wife money to run the household, it is generally not considered the wife's income, even if the money is deposited in her bank account.
• If the FD is in the name of a housewife, then the interest earned from it is considered her income and may be taxed as per the rules.
• If a husband invests his money in his wife's name, the investment and the resulting income may be assessed differently under tax laws. In some cases, the income may even be added to the husband's income.
• Some gifts received from relatives may be exempt from tax. However, gifts received from non-relatives may be taxable if the total value exceeds ₹50,000 in a financial year.

How to find out taxable income:
To determine taxable income, housewives should add up all their taxable income. This can include bank or fixed deposit interest, rental income, and investment income. Deductions and exemptions are then subtracted. This can also include deductions for items like PPF, NSC, health insurance, and eligible donations.