If your gross taxable income exceeds basic exemption limit, it is mandatory for you to file an income tax return (ITR). But this does not mean you have to pay income tax as there is a tax rebate under section 87A of the Income tax Act, 1961 owing to which you are eligible if your net taxable income does not exceed ₹5 lakh as per the old tax regime or ₹7 lakh as per the new tax regime.
Under the old tax regime, you can get a maximum tax rebate up to ₹12,500 and ₹25,000 under the new tax regime. Therefore, you don’t need to pay any income tax if your income level is up to the specified levels but even if your tax liability becomes nil, you will still need to file ITR.
Due date for filing of ITR for those individuals who are not required to do an income tax audit is July 31, 2024, for FY 2023-24.
Read More: ITR Filing 2024: Seven Types Of ITR Forms Suitable For Various Taxpayers
Who has to file ITR?
If your gross total income (before deductions under chapter VI i.e. under section 80C, 80D, etc.) exceeds the basic exemption limit, you have to file ITR. The basic exemption limit for various categories under the old tax regime are:
Read More: ITR Filing 2024: Who Is Not Eligible To File ITR-1 For AY 2024-25? Check Details
Individuals below 60 years age: ₹2.5 lakh
Individuals above 60 years but below 80 years age: ₹3.0 lakh
Individuals above 80 years of age: ₹5.0 lakh.
The basic exemption limit funder the new tax regime is ₹3 lakh for FY 2023-24 (AY 2024-25)
