ITR Filing 2023-24: Who needs to File Income Tax Return (ITR)?

ITR Filing 2023-24: Who needs to File Income Tax Return (ITR)?

The ITR Filing deadline is approaching soon i.e. July 31. Taxpayers are filing their tax returns as soon as they can to avoid penalties and other issues.

As the ‘salary credited’ message drops to the people, it also comes with the hassle of filing taxes. The complexity and compliance requirements of the Income Tax Act makes the entire process sound difficult. However, Filing an Income Tax Return (ITR) is mandatory in India for certain categories of individuals. The criteria depend on the Income of an individual and various other factors.

It might be a possibility that your income is less than slab, but still you are required to file ITR as per rules of Income Tax.. In this article, we’ll cover the ITR filing requirements, exemptions, due dates, and repercussions of not filing.