Income Tax Return 2025: Even if a person’s income is not more than the tax exemption limit, he will still have to file a return in certain situations. For that too, the last date for filing income tax return will be 15 September. If you do not file the return, you may get a notice from the Income Tax Department
The income tax return filing season has begun. So far, more than 1.23 crore taxpayers have filed their returns. Although, this time the deadline for filing returns is 15 September, but there is benefit in filing returns early. Experts say that taxpayers should not wait for the last date to file returns. The special thing is that even if a person’s income is not more than the tax exemption limit, he will have to file a return in some situations. If he does not do so, he may have to file an income tax return.
What does the income tax rule say?
The Income Tax rule says that if a person’s income is not more than the exemption limit, then he does not need to pay tax. In the new Income Tax regime, the exemption limit is Rs 3 lakh per annum, while in the new regime it is Rs 2.5 lakh per annum. But, there are some situations in which it is necessary to file a return despite the income being low. If the return is not filed, the Income Tax Department can send a notice to the person. He can be asked the reason for not filing the return.
Who has to file returns despite low income?
As per the Income Tax Act, 1961, there are certain situations in which a person is required to file income tax return even if his income is below the exemption limit. These situations are as follows:
1. Bank deposits of more than Rs 50 lakh
2. Current account deposit of more than Rs 1 crore
3. Annual turnover of more than Rs 60 lakh
4. Professional income of more than Rs 10 lakh
5. Payment of electricity bill of more than Rs 1 lakh
6. TDS/TCS above Rs 25,000
7. Income from assets abroad
8. Spending more than Rs 2 lakh on foreign travel
Return can be filed even on low income
Experts say that if a person’s annual income is less than the tax exemption limit, he can still file income tax return. However, it is necessary to have a PAN to file income tax return. Filing income tax return makes it easier to get a loan. When a person applies to a bank for a home loan, car loan etc., he is asked for income tax return. The reason for this is that it is considered the most reliable proof of a person’s income.
Returns can be filed online
The Income Tax Department is constantly making the return filing process easier. If a person does not have many sources of income, then he can file the return himself using the ITR-1 form. This entire process has become online. Returns can be filed online from home. However, Form 16 is necessary for employed people to file returns. Employers issue Form 16 to their employees.
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