Is it necessary to fill ITR even without earning, can the government send notices to such people?

The Income Tax Department has extended the last date for filing income tax returns for the financial year 2024-25 to 15 September. Now there is only one week left in the deadline, but the speed of the returns filed till September 7 is much slower than expected. Usually people believe that if their annual income is less than tax free limit then there is no need to fill ITR. The reality is that in some circumstances it is mandatory to file ITR, even if your taxable income is zero. Not doing so can only impose penalty, but notice can also be sent by the Income Tax Department.

On depositing more than one crore in current account

If you have deposited an amount of Rs 1 crore or more in any bank’s current account within 1 year, then it is necessary to file an ITR. This rule applies to both cash and digital transactions. The aim of the government is to monitor such big transactions so that black money can be stopped.

On spending more than 2 lakhs on travel abroad

If you have spent 2 lakh or more on foreign travel throughout the year, then it is mandatory to file returns. It is necessary to file an ITR in both the conditions of tea personal trip or business trip.

Electricity bill is over 1 lakh

If your annual electricity bill comes more than Rs 1, then the Income Tax Department makes it mandatory to file an ITR to track the difference between your expenses and income. This rule covers those who show less earnings but spend more.

ITR is also necessary on cutting TDS

If your income is cut on your income 25 thousand rupees or more TDS, then you will have to file ITR. At the same time, this limit has been kept at 50 thousand for senior citizens. Its aim is to ensure that the tax on which the tax is deducted, they give the correct details of their income.

Foreign property or bank account people

If you have any property in another country or you have a signing authority in a bank account of a foreign, then you have to fill ITR in any case. While filing ITR, you have to give complete information about your foreign income and assets. These rules of the Income Tax Department have been made to monitor those whose declared income is low. But their expenses and transactions are large.

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