Can I file return of income even if my income is below taxable limits?

Similarly, those whose income does not exceed the taxable limit in a financial year are usually not required to file their return of income. However, this may not be true in all the cases and some people may be required to file ITR even if their gross total income doesn’t exceed the taxable limit.

Should I file ITR if my income is not taxable?

If your gross total income does not exceed the exemption limit, then it is not mandatory for you to file your ITR. A person whose gross income is up to Rs 250,000 per annum is not required to file ITR.

Do you need to file income tax returns even if your income is below?

So, if your income is higher than Rs. 2.5 lakh, and you are seeking various tax exemptions to bring your income below that level, you will need to file your income tax returns. Even when there is no tax liability, filing of your ITR is mandatory in order to seek any tax deduction under various sections of the I-T Act. 5.

Is it mandatory to file income tax return below 2.5 lakhs?

Generally, most of us have a question that is it compulsory to file an income tax return below 2.5 lakhs. The answer is No. Let’s see the exemption and tax slabs in detail. Taxable Income Range (In Rs.) For individuals aged above 60 years but less than 80 years, the exemption limit is Rs. 3 lakh.

What’s the income limit to file tax return?

For individuals aged 80 years and above, the limit is enhanced to Rs 5 Lakh. Should you file your returns? While it is not mandatory for you to file your income tax returns if your income is below the exempted limit, you can—and you should—file a tax return for a non-taxable income.

Do you have to file ITR if your income is below taxable?

You may be liable to file your income tax return (ITR) this time even if your income was below the taxable limit in financial year 2019-20. In its endeavour to catch tax evaders, the government last year introduced certain criteria from FY20 that make individuals liable to file ITR.