These individuals are required to file ITR

The list of individuals who are legally required to file income tax returns has lately had many exemptions eliminated by the I-T Department.

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The list of individuals who are legally required to file income tax returns has lately had many exemptions eliminated by the Income Tax (I-T) Department.

People should determine whether they are obliged to file income tax returns by July 31, 2022, which is the deadline for the fiscal year 2021–2022 (assessment year 2022-23).

If you miss the deadline, the I-T Department may charge you late fees or take legal action against you.

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A resident person is required to file a tax return if their income exceeds the annual exemption threshold.

The exemption limit for individuals electing to file an ITR under the new system is 2.5 lakh.

The exemption ceiling under the previous system was 2.5 lakh rupees for people under the age of 60, Rs 3 lakh for senior citizens between the ages of 60 and 80, and Rs 5 lakh for those over the age of 80. (super senior citizens).

The I-T department has also stated that people must file their ITRs if their total TDS/TCS (tax deducted at source/tax collected at source) for the fiscal year is higher than 25,000, and 50,000 for senior citizens.

The previous set of regulations required seniors to submit ITRs only if they received any business income.

People who have deposited at least 50 lakh in a savings bank account in a single year are also required to file taxes.

If an individual’s gross income exceeds the exemption threshold before claiming capital gains tax exemptions, individuals with foreign sources of income or who own foreign assets, individuals who paid an annual electricity bill of more than Rs 1 lakh, and individuals who spent more than Rs 2 lakh on themselves or another individual for foreign travel.