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ITR Filing Mandatory Even Without Tax Payable: 10 Conditions

ITR Filing Mandatory Even Without Tax Payable: 10 Conditions
No Tax Payable, Yet ITR Filing Is Mandatory; Do You Fall Under These 10 Conditions? · freepressjournal.in

If you live in India and earn money, you usually have to file a tax return called an ITR.

Even if you don’t owe any tax, you still have to file if you meet certain rules.

For example, if you pay a lot of electricity bills, travel abroad for a lot of money, or keep a lot of money in bank accounts, you must file.

Also, if you get a lot of money from work, run a business, or have losses you want to use later, you need to file.

The government wants to know about these big expenses and deposits so they can keep track of everyone’s finances.

So, check your bills, bank deposits, travel costs, and business receipts before deciding you don’t need to file.

Key facts

Basic exemption limit (old regime)
₹2.5 lakh
Basic exemption limit (new regime)
₹4 lakh
Electricity bill threshold
₹1 lakh
Foreign travel expense threshold
₹2 lakh
Savings account deposit threshold
₹50 lakh
Current account deposit threshold
₹1 crore
TDS/TCS threshold
₹25,000 (₹50,000 for seniors)
Professional receipts threshold
₹10 lakh
Business turnover threshold
₹60 lakh

Sources

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