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Income Tax Return Filing: Is it compulsory to file ITR if income does not exceed Rs 7 lakh?

Times of India LogoTimes of India2d ago

Income Tax Return Filing: Is it compulsory to file ITR if income does not exceed Rs 7 lakh? - Times of India

Quick Summary:

Income Tax Return Filing AY 2024-25: The deadline for filing ITR for the current assessment year is July 31, 2024, for individuals who are not required to undergo an income tax audit for FY 2023-24.

In this case, the total income excluding gross deductions under section 80C will be Rs 3,90,000 (Rs 5.5 lakh-Rs 50,000-Rs 1.1 lakh) (assuming the other deductions are not under Chapter VI-A), and they will be mandatorily required to file their ITR.

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Article Details

Author / Journalist: TOI Business Desk

Category: EconomyBusiness

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-29 @ 22:16:30 (2 days ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 1573 words

Reading Time: 9 minutes read

Sentences: 52 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Times of India

News ID: 21417015

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