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Is it necessary to file ITR if income is below 5 lakhs?

Even though there is no tax liability for individuals whose total income falls below the minimum taxable limit, filing an Income Tax Return (ITR) is still mandatory in certain cases. In this blog, we will discuss whether it is necessary to file ITR if the income is below Rs. 5 lakhs in India.

Income Tax Slab Rates in India

Before delving into the question of whether ITR is required for incomes below Rs. 5 lakhs, let's take a look at the current income tax slab rates in India for individuals:

  1. Up to Rs. 2.5 lakhs: Nil

  2. Rs. 2.5 lakhs - Rs. 5 lakhs: 5%

  3. Rs. 5 lakhs - Rs. 7.5 lakhs: 10%

  4. Rs. 7.5 lakhs - Rs. 10 lakhs: 15%

  5. Rs. 10 lakhs - Rs. 12.5 lakhs: 20%

  6. Rs. 12.5 lakhs - Rs. 15 lakhs: 25%

  7. Above Rs. 15 lakhs: 30%

According to the current tax laws in India, if your total income for a financial year (i.e., from 1st April of the current year to 31st March of the next year) is below the taxable limit, which is currently Rs. 2.5 lakhs for individuals below 60 years of age, Rs. 3 lakhs for senior citizens aged between 60 and 80 years, and Rs. 5 lakhs for super senior citizens aged above 80 years, you are not required to file an income tax return (ITR).

However, if you want to claim a refund of any taxes that may have been deducted from your income, you will need to file an ITR. Additionally, if you have any income from capital gains, foreign assets, or are claiming tax exemptions, deductions, or credits, you may need to file an ITR, even if your income is below the taxable limit.

Therefore, it is advisable to consult a tax professional or refer to the Income Tax Act to determine whether you need to file an ITR, based on your specific circumstances.


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