Ask Value Research

Should I still to file ITR?

Since your income is below the mandatory threshold as per the Income Tax rules, you are not required to file Income Tax Returns

I have retired from service on March 2010, after that my annual income is below the taxable limit (₹1.5 lakh) Is it necessary to file ITR?
- S Subramanian

Since your income is below the mandatory threshold as stated by the Income Tax regulations, you are not required to file Income Tax Returns. An income tax return is required to be filed if the gross total income earned by you for the financial year 2016-17 exceeds ₹2.5 lakh or ₹3 lakh (age 60-80 years).

This article was originally published on June 08, 2016.

Ask Value Research aks value research information

No question is too small. Share your queries on personal finance, mutual funds, or stocks and let us simplify things for you.


Other Categories

Informed fund ideas, better judgment. Every month. Mutual Fund Insight, every month since October 2002.

Take charge. Know more. Keep more. Mutual Fund Insight helps you do all three — every month