Key Points
You must file income tax returns in accordance with Indian tax laws if your income is greater than the basic exemption threshold..
You must still pay tax if you meet certain requirements even though your taxable income is below the threshold level..
What is the basic exemption limit?If an individual opts for the new, concessional income tax regime for FY 2021-22 (AY 2022-23), then the basic exemption limit will be Rs 2.5 lakh, irrespective of the age of the individual taxpayer..
The Income-tax (Ninth Amendment) Rules, 2022, issued by the Central Board of Direct Taxes (CBDT) on April 21, 2022, stated the new circumstances in which an income tax return is necessary even if the individual's income is less than the baseline exemption level...
If a person's annual total sales, turnover, or gross receipts in their business surpass Rs. 60 lakh, they are required to file an income tax return...
