Who should NOT file income tax return in India?

NRI or not, any individual whose income exceeds Rs 2.5 lakh (for FY 2020-21) is required to file an income tax return in India. The limit is the same for all individuals. There is no higher threshold limit for senior or super-senior citizens.

Who is exempt from filing income tax return in India?

According to the amendment, salaried individual with a taxable income of less than Rs. 5 lakh will not have to file income tax returns in the current assessment year. As such, individuals with a total taxable salary income of less than Rs. 5 lakh & bank interest upto As.

Who is not eligible for filing ITR?

Who cannot file ITR-1 for AY 2022-23. An individual with an income above Rs 50 lakh. An individual who is either a director of a company or has held any unlisted equity shares at any time during the financial year. Residents not ordinarily resident (RNOR) and non-residents.

Is ITR mandatory for everyone?

The government has now made it mandatory for an individual to file income tax returns if his/her total TDS/TCS during the financial year is Rs 25,000 or more even if the individual’s income is below the basic exemption limit.

What is the minimum income to file ITR?

NRI or not, any individual whose income exceeds Rs 2.5 lakh (for FY 2020-21) is required to file an income tax return in India.

How much salary is eligible for ITR?

As of 2021, this exemption limit, as per the old as well as new tax regime, is ₹2,50,000. So, if you earn more than ₹2,50,000 of taxable income, it is mandatory to file ITR before the due date.

What happens if I dont file ITR?

Non-filing of ITR can lead to imprisonment, where the term can vary between 3 months and 2 years. Non-filing of ITR can lead to imprisonment, where the term can vary between 3 months and 2 years.

Which income is not taxable in India?

✅What is the amount of tax-free income? According to new and old tax regimes, an individuals income below ₹ 2.50 Lakh is exempted from tax. However, you can claim tax rebate on income upto ₹ 5 Lakh and make it tax free.