Income below exemption limit? You may still have to file ITR

,ET Online|

Jul 28, 2022, 11:54:44 AM IST

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Basic exemption limit

If an individual opts for the new, concessional income tax regime for FY 2021-22 (AY 2022-23), then the basic exemption limit will be Rs 2.5 lakh, irrespective of the age of the individual taxpayer. Senior citizens and super senior citizens do not get any benefit of higher exemption limit. For FY 2021-22, the basic exemption limit under old income tax regime is as follows:The Income-tax (Ninth Amendment) Rules, 2022, via a notification from the Central Board of Direct Taxes (CBDT) on April 21, 2022, listed the new circ*mstances under which filing an income tax return is required even if the individual's income is below the basic exemption amount.

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Who has to file?

If any of the below criteria are met, such people must pay income tax, even if their income is below the tax threshold. Here is a look at who has to mandatorily file ITR.

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Who has sales turnover of Rs 60 lakh and above

If a person's annual total sales, turnover, or gross receipts in their business surpass Rs. 60 lakh, they are required to file an income tax return.

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Having professional income exceeding Rs 10 lakh

The individual must file an ITR if the sum of their professional gross revenues for the preceding year exceeds Rs 10 lakh.

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TDS or TCS exceeds Rs 25,000

A tax return for the year must be filed if TDS or TCS totaled Rs 25,000 or higher. This rule will apply to senior citizens if their combined TDS or TCS is Rs 50,000 or greater each fiscal year.

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Account deposited with at least Rs 50 lakh

A person must file an income tax return if they deposited at least Rs 50 lakh in one or more savings accounts during the previous year.

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Amounts exceeding Rs 1 crore in bank accounts

who have deposited an amount or aggregate of amounts exceeding Rs. 1 crore in one or more current accounts maintained with a bank or co-operative bank.

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Spending above Rs 12 lakh on a foreign country travel

who has spent an amount or aggregate of amounts exceeding Rs. 2 lakh for themselves or any other person to travel to a foreign country.

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Electricity bill exceeding Rs 1 lakh

who has paid an electricity bill exceeding Rs. 1 lakh in a single bill or on an aggregate basis during the financial year.

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Where there is an income from foreign sources

Ordinarily resident individuals who are having income from foreign sources.

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When gross total income is higher than the exemption

If a person's gross total income is higher than the exemption threshold before obtaining a capital gains tax break under sections.

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Income below exemption limit? You may still have to file ITR - Basic exemption limit (2024)

Basic exemption limit

Who has to file?

Who has sales turnover of Rs 60 lakh and above

Having professional income exceeding Rs 10 lakh

TDS or TCS exceeds Rs 25,000

Account deposited with at least Rs 50 lakh

Amounts exceeding Rs 1 crore in bank accounts

Spending above Rs 12 lakh on a foreign country travel

Electricity bill exceeding Rs 1 lakh

Where there is an income from foreign sources

When gross total income is higher than the exemption