Felling of return

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24 September 2013 A man's income is 1 lakh p.a. Should he requir to felling return.

Querist : Anonymous

Querist : Anonymous (Querist)

25 September 2013 Sir let me know about it

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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24 July 2024 Yes, if a person's income is 1 lakh per annum, they are required to file an income tax return under certain conditions in India. Here are the basic guidelines:

1. **Income Tax Slab Rates:** As per the current income tax slab rates for individuals below 60 years of age, income up to ₹2.5 lakh per annum is exempt from income tax (for FY 2023-24). For FY 2022-23, the exemption limit was ₹2.5 lakh as well.

2. **Filing Requirement:** While the income of ₹1 lakh is below the taxable threshold and no tax is payable, there are situations where filing an income tax return is mandatory:
- If the individual's total income before deductions exceeds the basic exemption limit (₹2.5 lakh for individuals below 60 years for FY 2023-24), they are required to file a return.
- Even if the income is below the taxable limit, filing a return may be necessary if the individual wants to claim a refund of TDS (Tax Deducted at Source) or wants to carry forward losses for future adjustment against income.

3. **Other Considerations:** Apart from the income criteria, there are specific scenarios where filing a return is mandatory regardless of income level:
- If the individual holds foreign assets or has income from foreign sources.
- If the individual is a company director or has invested in unlisted equity shares.
- If the individual wants to apply for a visa or a loan, showing income tax returns can be mandatory.

### Conclusion:
Given that the income in this case is below the taxable threshold, the individual is not liable to pay income tax. However, it is advisable to file an income tax return if the person wants to claim a refund of TDS or for other financial purposes. Additionally, tax laws and exemptions may vary, so it's recommended to consult with a tax advisor or accountant for specific advice tailored to individual circumstances.

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