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Income Tax Return filing by individuals: Who should file?

Income Tax Return filing by individuals: Who should file?

New Delhi: The Income Tax (I-T) Department has recently removed several exemptions from the list of people who are mandatorily required to file their income tax returns. The deadline to file ITR for the financial year 2021-22 (the assessment year 2022-23) is July 31, 2022, and individuals should check whether they are required to file income tax returns. Missing the deadline can lead to paying late charges or criminal action being taken on you by the I-T Department.

If a resident individual's income is higher than the exemption limit set for the year, then the person is asked to file a tax return. For those choosing to file ITR under the new regime, then the exemption limit is ₹ 2.5 lakh. Under the old regime, the exemption limit is ₹ 2.5 lakh for those below the age of 60; ₹ 3 lakh for those between the ages of 60 and 80 (senior citizens); and ₹ 5 lakh for those above the age of 80 (super senior citizens).

Additionally, the I-T department has specified that individuals whose total TDS/TCS (tax deducted at source/tax collected at source) in the financial year are higher than ₹ 25,000 and ₹ 50,000 for senior citizens, also need to file their ITRs.

This is a change from an earlier set of rules when senior citizens only needed to file ITR if they had any business income.

Other mandatory filers include individuals who have deposited ₹ 50 lakh or more in a single year in a savings bank account, if an individual's gross income exceeds the exemption limit before claiming capital gains tax exemptions, individuals with sources of foreign income or holding foreign assets, individuals who have paid an electricity bill of more than ₹ 1 lakh in a single bill or in aggregate throughout the year, and individuals who have spent more than ₹ 2 lakh for foreign travel on himself or any other person.

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