ITR Filing: Should people earning up to Rs 7 lakh file ITR or not? Expert tells what to do..

People who earn a lower salary or do not fall under the tax bracket always have a question in their mind about whether they should file an ITR or not. The team of Jagran Business reached Deepak Kumar Jain, Founder and CEO of Tax Manager, to answer this question of yours. He told me who should file ITR and who should not. And if your salary is 7 lakhs, do you need to file ITR (ITR Filing 2025) or not? He told us the answers to all these questions. Let us know what you should do.

Should people earning a salary up to 7 lakhs file ITR or not?

Deepak Kumar Jain said that according to the Income Tax rules, if your income is less than the basic exemption limit, then you are not required to file ITR. The exemption limit in the old tax regime for FY 2025-26 is as follows:

60 to 80 years of age: Rs 3 lakh

Age above 80 years: Rs 5 lakh

The exemption limit in the new tax regime is Rs 3 lakh for all. The Finance Act 2025 has increased the exemption limit to Rs 4 lakh in the new tax regime. Therefore, from the assessment year 2026-27, it will be mandatory for those with an income of more than Rs 4 lakh to file ITR.

When is it necessary to file an ITR?

Deepak Kumar Jain said that even if your income is less than the exemption limit. It is necessary to file an ITR in certain circumstances. You have to file ITR in the following cases. Like

TDS deduction: If tax has been deducted from your income, then file ITR to get a refund.

Capital loss: If you have a loss from shares or property and you want to adjust it in the next year, then definitely file ITR.

Foreign income or assets: If you have foreign income or assets, you must file an ITR.

Loan, credit card, or visa: ITR may be required for a loan, credit card, or foreign visa.

Business or freelancing income: If your business or freelancing income is more than Rs 2.5 lakh, file ITR.

Bank deposits: If you have deposited more than Rs 1 crore in cash in a financial year, file ITR.

Foreign travel: If you spent more than Rs 2 lakh on foreign travel, file ITR.

Electricity bill: If your electricity bill is more than Rs 1 lakh, ITR is mandatory.

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