Every Individual, including an NRI, must file an Income tax return where Gross Total Income exceeds the
basic exemption limit. This basic exemption limit is 2.5 lakh for the individual filing income tax
return till FY 2022-23(AY 2023-24) for both tax regimes.
As per the announcement in Budget 2023, the basic exemption limit for individuals opting for the old
tax regime will remain 2.5 lakhs, while for the ones opting for the new tax regime, it will be 3 lakhs.
Similarly, the basic exemption limit is Rs. 3,00,000 in the case of the senior citizen and Rs. 5,00,000
in the case of the super senior citizen if filing under the old regime.
You must file a return irrespective of whether you have paid tax or not. So, even if the employer has
deducted TDS in full, you must file an income tax return online. Filing of return is mandatory in the
following cases, even if the gross total income does not exceed the basic exemption limit:
- Deposited an amount or aggregate of the amount over Rs.1 crore in one or more current accounts
maintained with a bank or a cooperative bank.
- Incurred an aggregate expenditure of over Rs.2 lakh for yourself or any other person traveling to a
- Incurred aggregate expenditure over Rs.1 lakh towards payment of electricity bill.
- The sales turnover of a business exceeds Rs 60 lakh during the year.
- Total professional gross receipts exceeds Rs 10 lakh during the financial year.
- Total TDS or TCS exceeds Rs 25,000 during the financial year. This limit is Rs. 50000 for senior
- The amount deposited in one or more savings account is Rs 50 lakh or more during the financial year.