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

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 ₹12,500 and ₹25,000 under the new tax regime.

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.

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

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)