Income tax return filing 2024: Who is required to file ITR?
₹2.50 lakh for an ordinary individual, ₹3 lakh for a resident individual of over 60 years, and ₹5 lakh for an Individual above 80 years.If you opt for the new tax regime, the basic exemption limit is ₹3 lakh for each individual, irrespective of age. While arriving at the basic exemption limit for the limited purpose of filing your ITR, you must include the long-term capital gains for which you are claiming exemption.
This will cover all those who have sold their residential house and do not have any tax liability due to section 54 as they have invested the capital gains in another residential house even if they do not have any significant income otherwise.You are also required to file your ITR if you are a resident of India for income tax purposes and own any asset outside India in your name as a beneficial owner or have an interest in any asset outside India. You must also file your ITR even when you are an authorised signatory for any account maintained outside India.
The assets owned by you outside India may be immovable or movable. For example, if you had gone outside India on deputation or employment and had opened a bank account and forgot to close it while returning, you must still file your ITR even if no money is left in the bank account.Likewise, if you have invested in shares, bonds, or mutual fund schemes of foreign companies or have Employee Stock Options (ESOPS), you are covered here and must file an ITR here, irrespective of your income level.You have to file an ITR if you have paid electricity charges of over one lakh rupees during the last year, even if the electricity connection is not in your name.
Likewise, you must file your ITR if you have spent more than two lakhs rupees on foreign travel. The
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