Who is Eligible for ITR Return?

1. Individuals:

1. Resident Indians:

I. Income Exceeding ₹5 lakh: If your total income from all sources, including salary, investments, rent, etc., exceeds ₹5 lakh in a financial year, you must file an ITR. This applies even if you’re below 60 years old and claiming the standard deduction.

II. Senior Citizens (60-80 years): If you’re between 60 and 80 years old and your income exceeds ₹3 lakh, filing an ITR is mandatory.

III. Senior Citizens (above 80 years): Individuals above 80 years with only pension income are exempt from filing ITRs unless they have other taxable income exceeding₹5 lakh.

IV. Business or Professional Income: If you have income from a business or profession, even if it’s below ₹5 lakh, you need to file ITR-3.

V. Tax Deductions/Exemptions: If you claim deductions or exemptions beyond the standard deduction, regardless of your income, filing an ITR is necessary.

VI. Foreign Income/Assets: If you have any income or assets abroad, you must file an ITR.

VII. Company Directors: Directors of any company, regardless of income level, are required to file ITRs.

2. Non-Resident Indians (NRIs):

Income chargeable to tax in India: NRIs with income chargeable to tax in India, even if below ₹5 lakh, need to file ITRs. This includes income from investments, property rentals, etc.

2. Hindu Undivided Families (HUFs):

Income exceeding ₹5 lakh: If an HUF’s total income from all sources exceeds ₹5 lakh in a financial year, filing an ITR is mandatory.

3. Companies:

All registered companies: Regardless of their income level, all registered companies, including private limited companies, public limited companies, and one-person companies, are obligated to file ITRs.

Additional resources:

How to File ITR?

Types of ITR | Which ITR Should I File?

What is Income Tax? | Tax Slab | Deductions Allowed

How to Save Tax in FY 2023-24?

New Income Tax Slab for FY 2023-24