Key Points
As per the current income tax laws, ITR filing is mandatory if an individual taxpayer meets certain conditions...
Aakanksha Goel from TR Chadha and Co. says, "ITR filing is mandatory if gross total income of an individual taxpayer exceeds the basic exemption limit..
If an individual opts for the new, concessional income tax regime for FY 2022-23 (AY 2023-24), then the basic exemption limit will be Rs 2.5 lakh, irrespective of the age of the individual taxpayer..
Similarly, if an individual opts for the new income tax regime at the time of filing ITR and his/her gross total income exceeds Rs 2.5 lakh, then he/she will have to mandatorily file ITR...
"The Central Board of Direct Taxes (CBDT) in its notification dated April 22, 2022, has made ITR filing mandatory for individuals whose total TDS/TCS deducted in the financial year is Rs 25,000 or more even if the individual's gross total income is below the basic exemption limit..
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