File ITR If Income Is Less Than 5 Lakhs | When to File ITR? | File ITR FY 2023-24 by 31st July 2024

Are you under the impression that you don't need to file an Income Tax Return (ITR) if your income is below Rs. 5 lakhs? 🤔 Well, we're here to bust that common misconception and shed some light on the facts!

🔍 Fact Check: The basic exemption limit for FY 2022-23 is Rs. 2.5 lakh, not Rs. 5 lakhs! Even if your income falls below Rs. 5 lakhs, you are still required to file an ITR. But, here's the good news – you won't have to pay any tax as you can avail a rebate of Rs. 12,500 under section 87A. 💸💡

But why should you still consider filing your ITR? 🤷‍♂️ Here are some compelling reasons:

1️⃣ Claim Eligible Deductions and Exemptions: By filing your ITR, you get the opportunity to claim deductions and exemptions that you might be eligible for. This can help you reduce your taxable income further, ensuring you keep more of your hard-earned money! 💰💼

2️⃣ Get Refunds for Overpaid Taxes: Sometimes, due to TDS or other reasons, you might have paid more tax than you owe. Filing your ITR allows you to claim a refund for the excess amount, putting that money right back in your pocket where it belongs! 💳💵

3️⃣ Establish Your Credit History: If you ever plan to apply for loans or financial services in the future, having a credible tax history can work in your favor. Lenders often consider your ITR as proof of your financial stability and reliability. 📈🏦

Stay informed and responsible about your taxes! Filing your ITR, even if your income is below Rs. 5 lakhs, has its perks and can ensure you make the most of your financial opportunities. Remember, knowledge is power, and we've got your back! 🤝🔍

For more tax tips and financial insights, hit that subscribe button and stay tuned to our channel! 📺🔔 Don't forget to like and share this video to help others stay informed too! 📤👍

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