{"id":4231,"date":"2024-10-25T13:17:52","date_gmt":"2024-10-25T13:17:52","guid":{"rendered":"https:\/\/1finance.co.in\/magazine\/?post_type=blog&p=4231"},"modified":"2025-05-22T14:18:03","modified_gmt":"2025-05-22T08:48:03","slug":"who-should-file-an-income-tax-return","status":"publish","type":"blog","link":"https:\/\/1finance.co.in\/1f-dashboard\/blog\/who-should-file-an-income-tax-return\/","title":{"rendered":"Who should file an income tax return?"},"content":{"rendered":"

Tax season often creates a panicking situation amongst individuals to file income tax return. On the other hand, few individuals assume that only people with high income need to file the income tax return. Because income tax laws have widened the scope and made it essential under various scenarios to file the return, such\u00a0 situations can potentially cause problems in your life.\u00a0<\/span><\/p>\n

Let us explore who needs to file an Income tax return to help you identify the category in which you are falling. Whether you are required to file or not!<\/span><\/p>\n

Who Should File an Income Tax Return?<\/h2>\n

If you fall under any of the scenarios listed below, you are required to file your income tax return as per the Income Tax Act:<\/span><\/p>\n

Income Exceeding the Basic Exemption Limit<\/h2>\n

If you are earning in India and your total income before adjustment of deductions like investments in tax-saving instruments, life insurance premium, mediclaim, etc. exceeds the minimum exemption limit set by the government, you are required to file an income tax return. The basic exemption limit varies based on your age, selection of tax regime, etc.:<\/span><\/p>\n\n\n\n\n\n\n
Age Bracket<\/b><\/td>\nNew Tax Regime\u00a0<\/b><\/td>\nOld Tax Regime<\/b><\/td>\n<\/tr>\n
Resident Individuals (less than 60 years)<\/span><\/td>\n3,00,000<\/span><\/td>\n2,50,000<\/span><\/td>\n<\/tr>\n
Resident Senior Citizens (\u2265 60 years but < 80 years)<\/span><\/td>\n3,00,000<\/span><\/td>\n3,00,000<\/span><\/td>\n<\/tr>\n
Resident Super Senior Citizens (\u2265 80 years)<\/span><\/td>\n3,00,000<\/span><\/td>\n5,00,000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Example:<\/b>
\n<\/b>Sai, a 28-year-old employee, earned \u20b95,00,000 in the current financial year. He invested \u20b93,00,000 in Equity-linked mutual funds. His net income is less than the basic exemption limit i.e. \u20b92,00,000 [\u20b95,00,000-\u20b93,00,000]. However, if his total income before adjustment of investment in tax saving scheme exceeds the exemption limit of \u20b92,50,000, he must file an ITR.<\/span><\/p>\n

Eligible to Claim a Refund<\/h2>\n

To claim a refund for taxes paid, such as Tax Deducted at Source (TDS), it is necessary to file an Income Tax Return (ITR). TDS may be deducted on various types of income, such as:<\/span><\/p>\n