SHORT ANSWER:
Individuals whose income exceeds the basic exemption limit must file an income tax return.
DETAILS:
- The basic exemption limit varies based on age and type of income.
- For the financial year 2022-23, the limit is ₹2.5 lakh for individuals below 60 years, ₹3 lakh for senior citizens (60 years and above but below 80 years), and ₹5 lakh for super senior citizens (80 years and above).
- Individuals with income from sources like salary, business, or capital gains must file returns if their income exceeds these limits.
PUNISHMENT / IMPLICATIONS (if applicable):
- Failure to file can result in penalties and interest on unpaid taxes.
SOURCE:
- Income Tax Act, 1961
Related Questions: