{"id":90913,"date":"2024-07-09T08:48:26","date_gmt":"2024-07-09T08:48:26","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/07\/09\/income-tax-return-filing-fy-2023-24-top-myths-busted-what-you-should-keep-in-mind-when-filing-itr-times-of-india\/"},"modified":"2024-07-09T08:48:26","modified_gmt":"2024-07-09T08:48:26","slug":"income-tax-return-filing-fy-2023-24-top-myths-busted-what-you-should-keep-in-mind-when-filing-itr-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/07\/09\/income-tax-return-filing-fy-2023-24-top-myths-busted-what-you-should-keep-in-mind-when-filing-itr-times-of-india\/","title":{"rendered":"Income Tax Return Filing FY 2023-24: Top myths busted – what you should keep in mind when filing ITR – Times of India"},"content":{"rendered":"
\"Income<\/div>\n
By Parizad Sirwalla<\/span>
Income Tax Return Filing FY 2023-24: The process of Income Tax Return (ITR) filing in India has become technology oriented. This article provides a high-level understanding on personal income tax filing for Financial Year (FY) 2023-24, outlining the conditions and necessary documents.
Who is required to file ITR?<\/span>
Individuals are required to file only if their total income in a financial year FY (April to March) exceeds the basic exemption limit viz.if opting for the old tax regime \u2013 Rs 2.50 Lacs (if age below 60 years or a Non-Resident), Rs 3 Lacs (if age is 60 years or more but below 80 years) or Rs 5 Lacs (if age is 80 years or more). In case you choose the default new tax regime, the basic exemption limit is Rs 3 Lacs.
There are additional conditions which require an individual to file an ITR, even if income falls within the basic exemption limit. The illustrative list is:<\/p>\n
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  1. Resident and Ordinarily Resident (ROR) holding foreign assets or has signing authority in any foreign account.<\/li>\n
  2. Deposit in aggregate of Rs 1 Crore or more in one or more current bank account(s) or Rs 50 lakhs or more in one or more savings bank account(s)<\/li>\n
  3. Expenditure of Rs 2 Lacs or more on foreign travel (for yourself or any other person)<\/li>\n
  4. Expenditure of Rs 1 Lac or more on electricity bills<\/li>\n
  5. Taxes Deducted \/ Collected at Source (TDS\/ TCS) is Rs 25,000 or more (Rs 50,000 for senior citizen)<\/li>\n<\/ol>\n<\/div>\n

    Also, in case there is a TDS \/ TCS, and you do not have an ITR filing requirement, you will be required to file the ITR for claiming a tax refund. Similarly, if you must claim a loss to be carried forward to future years you may have to file an ITR.
    Also Read | Income Tax expectations Budget 2024: Tax exempt limit for savings account interest to be raised to Rs 25,000?<\/a>
    Illustrative Myths<\/span>
    Myth:<\/span> ITR is not required if interest income only from banks and\/or TDS is already deducted.
    Fact:<\/span> If any of the defined ITR filing condition is met then ITR should be filed even if you have received only interest income and\/ or TDS has already been deducted. There is a relief only in case of specified senior citizens having pension income and bank interest income subject to satisfaction of specified conditions.
    Myth:<\/span> I am a ROR having only income less than Rs 2.5 Lacs (and no TDS\/ loss) and I have made investment in foreign equity. I don\u2019t have to file ITR.
    Fact: <\/span>ITR filing is mandatory as you have assets outside India.
    Myth: <\/span>Gifts are completely tax free
    Fact: <\/span>Gifts can also be taxed when money is received from non-relative having value more than Rs 50,000
    Also Read |     Form 16 for ITR filing: Top points to check in Form 16 before filing your income tax return for FY 2023-24<\/a>
    ITR filing: What documents to keep handy?<\/span>
    An illustrative checklist below that may help you in the filing process:<\/p>\n

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