Filing your income tax return (ITR) in India can seem complicated, but it doesn't have to be! This guide will explain everything you need to know for the 2024 assessment year (AY 2024-25), which covers your income earned between April 1, 2023, and March 31, 2024. Do I Need to File? Not everyone needs to file an ITR. You generally do if your income exceeds the basic exemption limit: Rs. 2.5 lakh for individuals under 60 years old Rs. 3 lakh for senior citizens (60-80 years old) Rs. 5 lakh for super senior citizens (above 80 years old) However, even if your income falls below these limits, you should still file if: You have any tax deducted at source (TDS) You want to carry forward losses You claim a tax refund Deadlines and Penalties The due date to file your ITR for AY 2024-25 is July 31, 2024 . Filing late attracts interest and penalties: 1% per month of delay (maximum tax payable) for late filing up to one year. 5% per month of delay (subject to a minimum of Rs. 1,000) f...
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