Exempt from filing ITR
Exempt from filing ITR: As of September 2021, certain individuals are exempt from filing Income Tax Return (ITR) in India if they meet certain criteria. The exemption from filing ITR is available to individuals who satisfy the following conditions:
Individuals below the age of 60 years:
Total income does not exceed ₹2.5 lakh in the financial year.
Senior citizens (60 years or older but below 80 years of age):
Total income does not exceed ₹3 lakh in the financial year.
Senior citizens (aged 60 years or older but below 80 years):
Total income does not exceed ₹5 lakh in the financial year.
Please note that even if an individual falls under the exempted income category, they may still be required to file an ITR in certain situations, such as:
For more information visit this site:https://www.incometax.gov.in
Claiming a refund of any tax deducted at source (TDS).
Having income from foreign assets.
Being a resident and having signing authority in any account located outside India.
Being a resident and having assets or financial interest in an entity located outside India.
It’s important to consult with a tax professional or refer to the official website of the Income Tax Department for the most up-to-date information and to determine whether an individual is exempt from filing ITR based on their specific circumstances.
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