Last date to file itr
- what is required to file itr
- what is required to file income tax return
- what documents required to file itr
- which form is required to file itr
Documents required for itr filing for individual
Documents required to file itr for salaried employee!
Why you should file ITR even if your income is less than Rs 5 lakh
If an individual’s taxable income exceeds the basic exemption limit, then ITR filingbecomes mandatory. However, income tax laws allow for a rebate under Section 87A if an individual’s net taxable income does not exceed Rs 5 lakh.
Any individual having net taxable income not exceeding Rs 5 lakh for FY 2022-23 (AY 2023-24), irrespective if they have selected the old or new tax regime, gets an income tax rebate under section 87A of up to Rs 12,500. “However, in order to claim such a rebate under section 87A, it is mandatory for a taxpayer to file their ITR,” said Dr.
Suresh Surana, Founder, RSM India, a tax, audit and consultancy company.
Hence, an individual must file ITR even if his/her income is below Rs 5 lakh. The due date of ITR for those individuals who are not required to do an income tax audit is July 31, 202
- what is the need to file itr
- what we need to file itr