ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh? - Hindustan Times
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ITR Return Filing: Should you file ITR if your income is less than 7 lakh?

Jun 18, 2024 01:20 PM IST

ITR Return Filing: Due date for filing of ITR for those individuals who are not required to do an income tax audit is July 31, 2024, for FY 2023-24.

If your gross taxable income exceeds basic exemption limit, it is mandatory for you to file an income tax return (ITR). But this does not mean you have to pay income tax as there is a tax rebate under section 87A of the Income tax Act, 1961 owing to which you are eligible if your net taxable income does not exceed 5 lakh as per the old tax regime or 7 lakh as per the new tax regime.

Income Tax Return: Under the old tax regime, you can get a maximum tax rebate up to <span class='webrupee'>₹</span>12,500 and <span class='webrupee'>₹</span>25,000 under the new tax regime.
Income Tax Return: Under the old tax regime, you can get a maximum tax rebate up to 12,500 and 25,000 under the new tax regime.

Read more: ITR Filing: Income tax slab rates and deductions for old and new tax regimes

Tax rebate in ITR filing

Under the old tax regime, you can get a maximum tax rebate up to 12,500 and 25,000 under the new tax regime. Therefore, you don't need to pay any income tax if your income level is up to the specified levels but even if your tax liability becomes nil, you will still need to file ITR.

Read more: Will there be income tax relief in Budget 2024? What CII says

Due date for ITR filing

Due date for filing of ITR for those individuals who are not required to do an income tax audit is July 31, 2024, for FY 2023-24.

 

Who has to file ITR?

If your gross total income (before deductions under chapter VI i.e. under section 80C, 80D, etc.) exceeds the basic exemption limit, you have to file ITR. The basic exemption limit for various categories under the old tax regime are:

Individuals below 60 years age: 2.5 lakh

Individuals above 60 years but below 80 years age: 3.0 lakh

Read more: Government considering income tax rate cut to boost consumption: Budget 2024

Individuals above 80 years of age: 5.0 lakh.

The basic exemption limit funder the new tax regime is 3 lakh for FY 2023-24 (AY 2024-25)

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