Budget 2023 Do you have to file income tax return if your annual income is less than 7 million rupees know imt answer hereTAZAA News

New Delhi: If your income is less than seven lakh rupees per annum, you have to file an income tax return, in this regard CA Kirti Joshi explains that the finance minister has set the main income tax exemption limit under the new tax system. If the total income is up to 3 million rupees, then there is no need to file a return, and if a person wants to file a tax return under the old system, then if the total income is up to 2.5 million rupees. there is no need to submit a declaration.

The obligation to submit an income tax return is established in accordance with Article 139, and an income tax return must be submitted by any person whose total income exceeds the basic exemption limit. Therefore, if a person’s total annual income is more than 3 million, then he has to file a return, even if he is not taxed.

Similarly, if the income is more than seven million rupees, under the new tax regime, income tax will not be levied up to three million rupees, after which the tax will start. But if a person’s total income is up to seven lakhs, then in the new tax system he will be charged a tax of 25000 rupees, but he does not have to deposit this tax, because in section 87A, if the total income is up to seven lakhs, a maximum exemption of 25000 rupees is given. has been

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If a person’s total income is Rs 7.10 crore, then under the new system, his total tax will be Rs 26,000 and since the total income is more than Rs 7 lakh, he will not be exempt even Rs 25,000 under section 87A. So he has to pay tax of Rs.26000.