Need to File ITR
Who no Need to file ITR in India, certain individuals may not need to file an income tax return (ITR) if they meet specific conditions. Here are some categories of individuals who generally do not need to file an Income Tax Return:
1. Individuals below the Exemption Limit:
If your total income during the financial year is below the basic exemption limit set by the income tax department, you may not be Need to file Income Tax Return.
For example, for the financial year 2022-23 (assessment year 2023-24), individuals below 60 years of age with income up to Rs. 2.5 lakhs not required to file an Income Tax Return.
2. Senior Citizens and Super Senior Citizens:
Senior citizens (age 60 years or above but below 80 years) and super senior citizens (age 80 years and above) are eligible for higher basic exemption limits. If their total income falls below the applicable exemption limits, they may not need to file an ITR.
3. Individuals with Only Exempt Income:
If your income during the financial year consists solely of exempted income, such as long-term capital gains on certain assets, dividends from tax-exempt investments, or interest from tax-free bonds, you may not required to file an ITR.
4. Individuals with Nil Tax Liability:
If you have calculated your tax liability and it is zero after considering deductions, exemptions, and tax credits, you may not be required to file an ITR.
It is advisable to maintain proper records and consider filing an ITR even if not mandatory, as it helps establish a financial history.
5. Non-Residents with No Taxable Income:
Non-resident individuals who do not have any taxable income in India during the financial year may not be required to file an ITR. However, they may need to file an ITR if they have specific financial transactions or need to claim tax refunds.
It’s important to note that these exemptions may vary based on the specific income, age, and other criteria. It’s advisable to refer to the latest guidelines issued by the income tax department or consult a tax professional to determine your specific filing obligations based on your circumstances.
To visit:https://www.incometax.gov.in
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