ITR Tips: Income is less than 2.5 lakhs, still it is necessary to file ITR in these cases..

If your annual income is less than the basic exemption limit of income tax, then usually you would think that filing ITR is not necessary. But this is not always the case. The Income Tax Department is very cautious about certain types of transactions. If you have carried out any such transaction in the last financial year, then whether your income comes under the tax net or not, it becomes necessary to file an ITR.

According to the Income Tax Act, 1961, if a person's income is less than ₹ 2.5 lakh in the old tax system and ₹ 3 lakh in the new tax system, then it is not necessary to file an ITR. But the same law also says that in certain circumstances, even when your income is less than this exemption limit, you must file an ITR.

These transactions are big in the eyes of the Income Tax Department.

Spent ₹ 2 lakh or more on foreign travel - If you have spent ₹ 2 lakh or more on traveling abroad last year, then you must file ITR. Even if your total annual income is below the tax exemption limit.

Have foreign assets or income- If you have assets abroad or have earned income from there—such as dividends from shares of foreign companies—then you are required to file ITR. This provision comes under the crackdown on black money.

TDS or TCS of ₹25,000 or more has been deducted- If a total of ₹25,000 or more TDS or TCS has been deducted from you in a financial year, then it becomes necessary to file ITR. For senior citizens, this limit is ₹50,000.

Have deposited ₹1 crore or more in a current account- If you have deposited a total of ₹1 crore or more in a year in a current account of any bank, then it becomes mandatory to file ITR, irrespective of the income.

Deposit of ₹ 50 lakh or more in savings account- If an amount of ₹ 50 lakh or more has been deposited in your savings bank account within a year, then you come under the radar of the Income Tax Department. In such a situation, it becomes necessary to file an ITR.

Business turnover ₹ 60 lakh or more- If you do business and your annual turnover is ₹ 60 lakh or more, then even if your profit is less, it is necessary to file ITR.

Income of more than ₹ 10 lakh for those providing professional services- If you are a doctor, lawyer, consultant, or associated with any other professional service and your total professional receipts are more than ₹ 10 lakh, then filing ITR becomes mandatory.

Electricity bill payment of ₹ 1 lakh or more- If you have paid electricity bills of ₹ 1 lakh or more in a year, then it is also necessary to file ITR. This is important information about your expenditure with the government.

Why is it necessary to file ITR on time?

Not filing ITR in all these cases can not only lead to a penalty, but in the future you may also face problems in financial transactions like loans, visas, credit card etc. The Income Tax Department tracks these transactions and does not consider income below the exemption limit as exempt if your expenses or deposits exceed these prescribed limits.

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