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Filing ITR for income below Rs. 5 lakhs in a year

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Abhishek M

not

67 Points Posted on 29 February 2020

Is it all correct to not to file ITR by an individual if the taxable income in a financial year for that individual is below Rs. 5 lakhs? Some years back income tax department made such provision. Is that provision active still now?

Replies (5)

Quick Summary

This discussion clarifies the rules around filing Income Tax Returns (ITR) when your annual income is below Rs. 5 lakhs. It addresses the common misconception that filing is optional below this threshold, explaining that the mandatory filing limit is actually Rs. 2.5 lakhs for non-senior citizens and Rs. 3 lakhs for senior citizens. While no tax is payable on income up to Rs. 5 lakhs due to rebates, filing remains mandatory if your income exceeds these basic thresholds. The discussion also touches upon specific limits for super senior citizens and clarifies whether these limits apply before or after deductions.

Eswar Reddy S

CFO- at NHTF

15022 Points Posted on 29 February 2020

Is it for senior citizen??

Other than senior citizen , must file ITR if income exceeds 2.5lacs.

People projected in television which misleaded the people.

So must go by 2.5lacs for filing but for tax liability alone you may get rebate u/s 87A for the income upto 5lacs.

No tax liability if income below 5lacs but tax filing is mandatory if income exceeds 2.5lacs.

Abhishek M

not

67 Points Posted on 29 February 2020

What is the limit for a senor citizen not to file income tax return? I am interested to know the matter for both senior citizens and non-senior citizens.

Does it mean that if the taxable income does not exceed Rs. 2.5 lakhs in a financial year, filing of ITR is not mandatory for those who are not senior citizens?

What was the income tax rules for the financial year 2018-2019 for the same stuation?

SOHAN LAL

Manger Accounts & Finance

244 Points Posted on 29 February 2020

If Income above 250000 than ITR mandatory

Eswar Reddy S

CFO- at NHTF

15022 Points Posted on 29 February 2020

Income tax e-filing limit for senior citizens 300000/- and super senior citizens 5lacs.

For others 2.5lacs

Abhishek M

not

67 Points Posted on 02 March 2020

Are the above limits of 3 lakhs, 5 lacs and 2.5 lakhs are the limits after deduction the amount of investment under section 80c from the gross total income?

Are the above limits also applicable for hard copies of ITR filing and not only for efiling of ITR?

Thanks