📝 Who Needs to File ITR for FY 2023-24? 🌟

 📝 Who Needs to File ITR for FY 2023-24? 🌟


Receiving that "salary credited" message brings joy, but it also signals the need to tackle tax filing. Navigating the complexities of the Income Tax Act can be daunting. Is it mandatory for everyone to file an ITR? Here, we break down the conditions for ITR filing, exemptions, due dates, and the consequences of non-filing.



 📌 Who Should File ITR for FY 2023-24?

Under the Old Regime:
- Individuals below 60: Income exceeding ₹2.5 lakhs
- Individuals above 60: Income exceeding ₹3 lakhs

Under the New Regime:
- Individuals below 60: Basic exemption limit is ₹3 lakhs

Note: For FY 2023-24, the exemption limit under the new regime was raised to ₹3 lakhs.

 ❓ What If My Income Is Below the Basic Exemption Limit?

Even if your income is below the exemption limit, you might need to file an ITR if:
- Bank deposits exceed ₹50 lakhs
- Current account deposits exceed ₹1 crore
- Annual sales turnover exceeds ₹60 lakhs
- Professional income exceeds ₹10 lakhs
- Electricity bill exceeds ₹1 lakh
- TDS/TCS exceeds ₹25,000 (₹50,000 for senior citizens)
- Income from foreign assets or expenses on foreign travel exceed ₹2 lakhs
- Resident taxpayers with overseas assets or signing authority

 🎁 Benefits of ITR Filing

- Easy Loan Approval: Banks require ITR as proof of income.
- Claiming Tax Refund: Claim refunds if TDS exceeds tax liability.
- Income and Address Proof: Acts as proof for various institutions.
- Quick Visa Processing: Embassies require ITR for visa applications.
- Carry Forward of Losses: Offset losses against future income.
- Term Insurance Purchase: Required for proof of income by insurers.
- Refund of Excess Tax Payments: Claim refunds for excess TDS.

 🚫 Who Is Exempt from ITR Filing?

Section 194P offers conditional relief to citizens above 75:
- Senior citizens must be above 75, resident, earning from pension and interest from the same bank, and must file a declaration with the specified bank. The bank handles TDS, exempting the senior citizen from filing ITR.

 ⏰ What Is the Last Date to File ITR for FY 2023-24?

- 31st July 2024 for individuals and non-audit entities.
- 31st October 2024 for taxpayers under tax audit.
- 30th November 2024 for transfer pricing cases.
- 31st December 2024 for revised or belated returns.

 🚨 Consequences of Failing to File ITR

- Late filing fees up to ₹5,000 (incomes above ₹5 lakhs) or ₹1,000 (incomes below ₹5 lakhs).
- Interest @1% per month for late filing.
- Ineligibility to carry forward losses.
- Risk of being seen as tax evasion, leading to possible imprisonment (6 months to 7 years).

🔔 Note: Don't wait until the last minute. File your ITR by 31st July 2024 for a smooth and hassle-free experience. Seek professional assistance if needed!



INCOMETAX INDIA TAXES DIRECTTAXES

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