Not required to file ITR
Not required to file ITR, certain criteria.
Here are some cases where filing an ITR may not be mandatory:
Individuals below the Basic Exemption Limit:
If your total income during the financial year falls below the basic exemption limit set by the income tax department, you may not be required to file an ITR. 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 are not required to file an ITR.
Agricultural Income:
If your income consists solely of agricultural income and it is below the specified threshold, filing an ITR may not be mandatory. However, if you want to claim certain tax benefits or need to provide income proof for various purposes, it may still be advisable to file an ITR voluntarily.
Non-Resident Indians (NRIs):
NRIs may not be require to file an ITR if their income in India is below the basic exemption limit and they do not have any taxable income or specific financial transactions that necessitate filing. However, if they have income or assets in India, they may still need to file an ITR under certain circumstances.
Individuals with Presumptive Taxation:
Certain professionals and businesses who opt for the presumptive taxation scheme under sections 44AD, 44ADA, or 44AE of the Income Tax Act are not require to maintain detailed books of accounts or undergo tax audits. In such cases, the income is deem to be a certain percentage of the total turnover, and filing an ITR may not be mandatory if the income falls within the specified limits.
It’s important to note that even if you are Not require to file ITR, there may be benefits to voluntarily filing, such as establishing a financial record, claiming refunds, or meeting certain eligibility criteria for loans, visas, or other purposes. Additionally, the specific rules and exemptions can change from year to year, so it’s advisable to refer to the latest guidelines issue by the income tax department or consult a tax professional to determine your specific filing obligations.
To visit: https://www.incometax.gov.in
