Minimum income for filling itr

Sir, if a person has income less than 2,50,000 rupees in a financial year ,is it compulsory for filling itr in current assessment year ?What is minimum amount of income for filling itr?
Replies (5)
Quick Summary
In the UK, if your income is below the personal allowance threshold (currently £12,570 for most people), you generally don't need to file a tax return. However, there are exceptions. You might still need to file if you've made significant bank deposits (£10,000 or more in a year), incurred substantial foreign travel expenses, or spent a lot on electricity. Filing a 'nil return' can be beneficial even if not mandatory, especially if you've filed in previous years or plan to claim tax refunds.

No. Its not mandatory BUT.......

By law an individual who may not have taxable income is also mandated to file a tax return if he meets any of the below conditions:

(i) The individual has deposited an aggregate amount exceeding Rs 1 crore in one or more current bank accounts with any bank; or

(ii) The individual has incurred expenditure of an aggregate amount exceeding Rs 2 lakh for himself or any other person for travel to a foreign country; or

(iii) The individual has incurred expenditure of an amount or aggregate of the amounts exceeding Rs 1 lakh towards consumption of electricity.

If income is less than  2.5 lacs than no requirement of filing ITR but if a person file Nil Return than it will be useful for the person in many cases  and if that person has filed ITR for previous years than the person should file ITR in current year also.

If he files itr which colomn would be suitable for him in question answer in new itr performa

If your gross total income before claiming any deduction under chapter VIA i.e LIC etc . is more than 2.50 lac than it is mandatory to file itr. 

 

If gross income less than 2.50 lac and he files itr than in question answer in new itr performa which colomn would be suitable for him 1taxable income is more than basic exemption limit. 2 1crore /2lacs/1lacs or 3.others

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