ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?
6 months ago

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?

Hindustan Times  

If your gross taxable income exceeds basic exemption limit, it is mandatory for you to file an income tax return. 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. Income Tax Return: Under the old tax regime, you can get a maximum tax rebate up to ₹ 12,500 and ₹ 25,000 under the new tax regime. Tax rebate in ITR filing Under the old tax regime, you can get a maximum tax rebate up to ₹12,500 and ₹25,000 under the new tax regime.

History of this topic

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