File ITR If Income Is Less Than 5 Lakhs | When to File ITR? | File ITR FY 2023-24 by 31st July 2024

Are you under the impression that you don't need to file an Income Tax Return (ITR) if your income is below Rs. 5 lakhs? 🤔 Well, we're here to bust that common misconception and shed some light on the facts!

🔍 Fact Check: The basic exemption limit for FY 2022-23 is Rs. 2.5 lakh, not Rs. 5 lakhs! Even if your income falls below Rs. 5 lakhs, you are still required to file an ITR. But, here's the good news – you won't have to pay any tax as you can avail a rebate of Rs. 12,500 under section 87A. 💸💡

But why should you still consider filing your ITR? 🤷‍♂️ Here are some compelling reasons:

1️⃣ Claim Eligible Deductions and Exemptions: By filing your ITR, you get the opportunity to claim deductions and exemptions that you might be eligible for. This can help you reduce your taxable income further, ensuring you keep more of your hard-earned money! 💰💼

2️⃣ Get Refunds for Overpaid Taxes: Sometimes, due to TDS or other reasons, you might have paid more tax than you owe. Filing your ITR allows you to claim a refund for the excess amount, putting that money right back in your pocket where it belongs! 💳💵

3️⃣ Establish Your Credit History: If you ever plan to apply for loans or financial services in the future, having a credible tax history can work in your favor. Lenders often consider your ITR as proof of your financial stability and reliability. 📈🏦

Stay informed and responsible about your taxes! Filing your ITR, even if your income is below Rs. 5 lakhs, has its perks and can ensure you make the most of your financial opportunities. Remember, knowledge is power, and we've got your back! 🤝🔍

For more tax tips and financial insights, hit that subscribe button and stay tuned to our channel! 📺🔔 Don't forget to like and share this video to help others stay informed too! 📤👍

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[madhu]

Which option to select if my lpa is 3.7 for option "Are you filing the income tax return for any of the following reasons"
Any one please help

[PawanKumar-uehm]

can a pensioner having pension income below 5 lakh avoid return filing if he does not have any of the 3 reasons your mentioned at the end? coz i already missed filing ITR of my father plus he is a senior citizen and if i file it now i will have to pay 1000 fees under sec 234F, what should i do?

[ItsMe-fpdd]

I am nro account holder from UAE my income from stcg below 2.50 lakh i need to file tax still.

[Ab-qjjp]

Agar meri zero income ho gayi suppose and I am jobless than I have to file itr or not

[bhanu]

If self employed person can deposit amount in bank how can he show sources of that funds???

Plz ans me

[bhanu]

Hi...my dad is pensioner..he filed itr regularly...below 5lak income.

My mom is house wife...we deposit 2lak below in few transactions...and make fd on her name...this process can done few yrs ago onwards...

Now she have 10lak in fds..

Is any problem in future...?

My que is:

She deposited with include of fd income is below 2.5lak every year.

Now she have over all 10lak in all deposits..

But in future any it dept ask about source of that funds??

How can we show...we don't transfer bank to bank...for clubbing problem...just withdrawal and deposit in her account..

Plz guide me about this