Who Should File an Income Tax Return?

Every Indian resident, including Non-Resident Indians (NRIs), must file an Income Tax Return (ITR) if their total income exceeds the basic exemption limit. Under the Old Tax Regime (Opt-in), the basic exemption limit for filing an ITR varies based on the individual’s age group. For individuals below 60 years, the exemption limit is ₹2.5 lakh. Senior citizens aged 60 to 79 years are eligible for a higher limit of ₹3 lakh, while super senior citizens, those aged 80 years and above, enjoy an exemption limit of ₹5 lakh. On the other hand, the New Tax Regime (Default) follows a more streamlined structure. Under this regime, the exemption limit is fixed at ₹3 lakh for both individuals below 60 years and senior citizens, while super senior citizens continue to have the higher limit of ₹5 lakh.

It is important to note that filing an income tax return is mandatory, even if no tax is payable. So, even if your employer has already deducted TDS (Tax Deducted at Source) completely, you are still required to submit your ITR..

In addition to income exceeding the basic exemption limit, there are certain other conditions under which an individual is compulsorily required to file an Income Tax Return.

Such conditions are :
• If Business Turnover exceeds Rs.60 lakh
• If a person carries on a Profession and Professional Receipts exceed Rs.10 lakh
• If the Total TDS and TCS amount exceeds Rs.25000
• If Total deposits in one or more Savings accounts exceed Rs.50 lakh
• If Total deposits in one or more Current Account exceeds Rs.1 crore
• If Foreign Travel expenses in a year exceed Rs.2 Lakh
• If Total Electricity expenses in a year exceed Rs.1 lakh

If an individual has Income from foreign assets or is a beneficiary of an asset located in a foreign country.