How Individuals file ITR if their income is less than Rs 5 lakh?

Is filing an ITR required for people making Rs 5 lakh annually? With the tax exemption limitations of Rs 2.5 lakh under the previous tax regime and Rs 3 lakh under the new one, an income of Rs 5 lakh requires the filing of an income tax return.

Income Tax Return Filing for AY 2024-25: Is submitting an ITR necessary for everyone?

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Filing income tax returns (ITRs) is not mandatory for everyone. If your taxable income does not exceed the fundamental exemption levels specified in the Income Tax Act, you are not required to file an ITR.

What are the basic tax exemption limitations for taxpayers under the new and previous tax regimes?

People who have taxable income of less than Rs 3 lakh annually are excluded from filing an ITR under the new tax system. In a similar vein, under the previous tax system, this cap was set at Rs 2.5 lakh for those under 60. Due to a larger basic exemption level, senior individuals (60-80) who earned up to Rs 3 lakh under the previous tax regime are excused from filing tax returns. The exemption cap for super elderly folks (those who are 80 years of age or older) is Rs 5 lakh.

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