is it mandatory to file income tax return below 5 lakhs ?

is it mandatory to file income tax return below 5 lakhs? Many still ask this question because it is possible to get tax exemption for incomes below Rs 5 Lakh.

In reality, there is no tax on incomes up to Rs 2.5 lakhs. Tax relief is available under 87A, regardless of whether you choose the old or new slab.

If your total income exceeds up to five lakhs for a given financial year, you will not be subject to any tax.

However, few people realize that if your total income exceeds five lakhs, the government stops providing relief, and you must pay a 5 per cent tax between 2.5 lakhs to 5 lakhs.

Because of this, people remain confused and ask that is it mandatory to file income tax return below 5 lakhs

The answer to this question depends on your age.

Who has to file Income Tax Return?

If you are a citizen of India and your age is less than 60 years, and your annual income is more than Rs 2.5 lakh, you must file the return.

is it mandatory to file income tax return below 5 lakhs

If your age is between 60 years to 80 years, then you have to file ITR on income above Rs 3 lakh per annum.

is it mandatory to file income tax return below 5 lakhs

The correct answer is that, if you are above 80 years of age, there is no need to file income tax return on income up to Rs 5 lakh.

But if you are below 80 years of age, you need to file an income tax return up to 5 lakhs.

We all should file Income Tax Returns because not only do we get government benefits, but sometimes your ITR is also asked for while fixing a marriage. And if you say that we have not filed the return, then the in-laws start doubting your earnings.

learn more : LIC is private or government

Well, it was a joke, but if you file ITR, you get a loan easily, get your passport quickly, and many other financial tasks become more accessible. Even if you take a term plan, you have to submit the ITR of the last three years.

Therefore, you should file your income tax return no matter what your income is.

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