Who is required to file Income Tax return for AY 2023-24 | Who should file Income Tax return

Who is required to file Income Tax return for AY 2023-24 | Who should file Income Tax return

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About video
In India, the requirement to file an income tax return depends on several factors, including your income level, age, and the type of income you have earned during the financial year. As of my knowledge cutoff in September 2021, the general guidelines for filing income tax returns in India are as follows:

Income Thresholds: Individuals with an annual income below the basic exemption limit are generally not required to file an income tax return. The basic exemption limit varies based on age and income category. For example, forindividuals below 60 years of age, the basic exemption limit was INR 2.5 lakh for the financial year 2020-21 (assessment year 2021-22). However, it's important to note that these thresholds may be subject to change, so it's advisable to refer to the official government sources or consult a tax professional for the most up-to-date information.

Mandatory Filing: You are required to file an income tax return if your income exceeds the basic exemption limit or if you want to claim a tax refund, even if your income is below the threshold Additionally, certain types of income, such as income from capital gains, business or profession, and foreign assets or income, may require filing a tax return regardless of the income level.
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Other Considerations: Even if you are not required to file an income tax return, it may still be beneficial to do so in certain cases. For instance, if you want to carry forward losses or claim certain deductions or exemptions, filing a tax return becomes necessary.

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Your query
who is required to file income tax return
who to file income tax return
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itr kise bharna chahiye
income tax kise bharna chahiye
itr kon kon bhar sakta hai
itr kon bharta hai
itr file kon karta hai
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Desclaimer
This video is merely a guide meant for learning purpose only. All the instructions, references, content or documents are for educational purpose only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisor as to the risks involved may be obtained and necessary due diligence, etc..may be done at end.

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