Income Tax Return Filing FY 2023-24: Top myths busted – what you should keep in mind when filing ITR – Times of India
By Parizad SirwallaIncome 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?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 – 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 ind...