ITR Filing: Earning less or no income; these 5 individuals must file their income tax return

Countdown begins! As the Income Tax Return (ITR) filing deadline approaches, taxpayers are racing against the clock to avoid last-minute hassles. Even experts suggest not to wait for the last day, as there can be technical glitches on the I-T website on last-minute filing, and taxpayers may end up paying penalties.

Many people think that their annual income doesn't come under the tax slabs, so they don't need to file their ITR. Although they are right but some people come under such categories where they need to file their return even if they are earning less or no income. If they don't do this, they might have to pay a penalty, or the I-T Department may send a legal notice to them.

In this article, we will understand who must file their income tax return, even if they are earning less or no income.

1. People who have deposited over Rs 1 crore in their current account

If you have deposited Rs 1 crore or more in your current account in any bank within a year, then it is necessary to file an ITR. Even if your taxable income is zero, you will have to file an ITR. This rule applies to both cash and digital transactions.

2. People who spend Rs 2 lakh or more on foreign travel

People who come under the second category are those who have spent Rs 2 lakh or more on foreign travel in a year, and then you will have to file ITR. Whether you have spent this money on a personal trip or a business trip. This rule has been made to track your expenses and stop black money.

3. People who spend more than Rs 1 lakh on electricity bills

If you have paid an electricity bill of more than Rs 1 lakh in a year, then filing ITR becomes mandatory. This rule covers those people whose declared income is low but expenses are high. With this, the Income Tax Department can check the gap between your income and expenses.

4. TDS deduction of Rs 25,000 or more

If TDS (Tax Deduction at Source) is deducted on your income of Rs 25 thousand or more, then it is mandatory to file ITR. For senior citizens, this limit has been kept at ₹ 50,000. Its purpose is to ensure that those on whom tax has been deducted show the correct account of their income.

5. People with foreign assets or accounts

If you have any property in another country or have signing authority in a foreign bank account, then you must file an ITR. This rule is to keep a check on foreign income and assets. While filing ITR, you will have to give full details of these properties.