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It is mandatory to file ITR for individuals If the total Gross Income is over Rs.3,00,000 in a financial year (Including standard deduction). This limit exceeds Rs.3,00,000 for senior citizens and Rs.5,00,000 for super senior citizens. The entities listed below must pay taxes and file their income tax returns.
Individuals/entities who fall under the following criteria must file income tax returns. Gross income more than Rs. 2.5 lakhs - The gross annual income of an individual should exceed Rs. 2.5 lakh after applying deductions under various Sections of the Income Tax Act.
As an NRI, PIO, or OCI, you may be required to file tax returns in India if your Indian income surpasses the specified threshold or if you seek to claim refunds for excess tax deductions. While filing an ITR is mandatory only under certain circumstances, voluntary filing can be beneficial in many ways.
For Individuals below 60 years of age - Annual Taxable IncomeNew Tax RegimeOld Tax Regime Up to Rs.2.5 lakh Exempt Exempt Over Rs.2.5 lakh to Rs.3 lakh Exempt 5% Over Rs.3 lakh to Rs. 5 lakh 5% 5% Over Rs.5 lakh to Rs.6 lakh 5% 20%5 more rows Jan 9, 2024
Form IT-214, Claim for Real Property Tax Credit.

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It is mandatory to file an income tax return if your annual income is higher than Rs. 2.5 lakh per annum. For senior citizens who are more than 60 years old and less than 80 years old, the limit is Rs. 3 lakhs.