Filing your income tax return for the first time can be challenging, but it's crucial to do it on time to prevent fines and interest. Coming to your query, what is the minimum income to file ITR? Under current rules, if your gross total income exceeds the basic exemption limit (Rs. 2.5 lakhs), filing an ITR is mandatory.
What is the Minimum Salary to File ITR?
Under the old regime: Rs 2.5 lakh for those under 60, Rs 3 lakh for ages 60 to 79, and Rs 5 lakh for 80+.
Under the new regime, the universal exemption limit is Rs 3 lakh, so anyone earning above this must file.
However, even if your income falls below these thresholds, you must file ITR under certain conditions:
You wish to claim a refund for excess TDS or advance tax.
Want to carry forward losses (e.g., from house property or capital gains).
Hold foreign assets or financial interests, or are a signing authority in a foreign account.
Have income beyond salary/pension such as rental income, capital gains, business/professional income, lottery/gifts, interest from savings/investments PC1 irrespective of income level.
You are an NRI, and your India-sourced income, deposits, foreign travel expenditure, electricity bills, or TDS/TCS exceed prescribed limits.
I hope you found this information useful.
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The minimum income to file ITR varies based on the age and income sources of the individual.
What is the Minimum Income for Tax Return?
As of my last update, here are the general guidelines:
- For Individuals Below 60 Years of Age:
If your income is above the basic exemption limit, you need to file an income tax return. The minimum income for ITR filing for individuals below 60 years of age is Rs. 2.5 lakh per annum.
- For Senior Citizens (Aged 60 years or above but less than 80 years):
The basic exemption limit for senior citizens is higher. It is Rs. 3 lakh per annum.
- For Super Senior Citizens (Aged 80 years or above):
The basic exemption limit for super senior citizens is even higher. It is Rs. 5 lakh per annum.
This is the minimum income to file ITR.
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What is the Minimum Income to File ITR?
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2024-03-29T17:26:37+00:00 2024-03-29T18:32:39+00:00Comment
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