Conditions that make ITR filing mandatory despite low income
Even if your earnings are modest or stay under the tax exemption threshold, you are still required to file an Income Tax Return (ITR) in several specific cases. This applies if your annual income surpasses ₹2.5 lakh under the old tax regime or ₹4 lakh under the new one. Additionally, you must file if you have deposited more than ₹1 crore in a current account or over ₹50 lakh in a savings account. Furthermore, ITR filing is mandatory for individuals whose yearly electricity expenses go beyond ₹1 lakh.
by shortkt.com✓