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- Ask AI Anything: We asked ChatGPT 'How much do you have to make to file taxes in India?' here's what it said
Ask AI Anything: We asked ChatGPT 'How much do you have to make to file taxes in India?' here's what it said
Wondering if you need to file income tax in India? Learn the minimum income required for ITR filing, exemptions, and key rules for salaried individuals, freelancers, and more.
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 "Income Tax")
Income Tax
Filing income tax in India is mandatory for individuals whose income exceeds certain thresholds set by the government. These limits vary depending on the taxpayer's age and the tax regime they choose. Whether you're a salaried employee, a freelancer, or someone with passive income sources, it’s important to understand if and when you’re required to file an Income Tax Return (ITR).
Basic Exemption Limits Under the New and Old Tax Regimes
India offers two tax regimes: the old regime with deductions and exemptions, and the new regime with lower tax rates but fewer exemptions. The basic exemption limit—i.e., the minimum income required to file taxes—varies depending on the regime and the age of the taxpayer.
Under the Old Tax Regime
Individuals below 60 years: Rs 2,50,000
Senior citizens (60 to below 80 years): Rs 3,00,000
Super senior citizens (80 years and above): Rs 5,00,000
If your total income before applying deductions under sections like 80C, 80D, etc., exceeds the above thresholds, you are required to file a tax return.
When You Must File Taxes Even if Your Income is Below the Limit
There are scenarios where filing a return is mandatory even if your income is below the basic exemption limit:
If you want to claim a tax refund.
If you have foreign assets or income.
If you’ve deposited more than Rs 1 crore in a bank account in a financial year.
If you’ve incurred foreign travel expenses over Rs 2 lakh.
If your electricity bill exceeded Rs 1 lakh in a financial year.
If you wish to carry forward losses under any head of income.
Why You Should File Even If Not Mandatory
Even if your income is below the exemption limit, it’s beneficial to file ITR because:
It helps establish financial credibility.
It is often required for visa applications, loan approvals, and government schemes.
You can claim refunds for TDS (Tax Deducted at Source).
Filing regularly helps you stay compliant and avoid penalties in case your income increases in subsequent years.
Penalties for Non-Filing
Failing to file an ITR despite being eligible can attract a late fee under Section 234F:
Rs 1,000 if total income is below Rs 5 lakh.
Rs 5,000 if income exceeds Rs 5 lakh.
