By Admin 
ITR Rules: The last date for filing income tax is near, hence anyone who has not yet filed ITR should do so with immediate effect. If you think that your income is less then you do not need to fill ITR, then it is not so at all, before that you should know some rules, only after that do anything further.
Should I pay tax on income of Rs 4 lakh or not?
Generally, it is necessary to file ITR if the annual income is more than Rs 4 lakh in the new tax system and Rs 2.5 lakh in the old tax system. But in some cases, it is necessary to file ITR even if the income is low. It is very important for every tax payer and non-tax payer to know these rules.
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In these situations it is necessary to fill ITR
If you do not know in which situations it is necessary to fill ITR, then let us tell you.
- If you have more than Rs 1 crore deposited in your current account in the financial year, then ITR will have to be filed.
- Even if you have spent more than Rs 2 lakh on your or any other person’s foreign travel, ITR will have to be filed.
- If your electricity bill in the whole year is more than Rs 1 lakh then it will be necessary for you to fill ITR.
- If you own any property abroad, invest in a foreign company or have the right to operate a foreign bank account, it is still necessary for you to file ITR.
ITRs filled so far
According to the Income Tax Department, more than 3 crore Income Tax Returns (ITR) have been filed so far for the assessment year 2026-27. On July 21 alone, more than 15 lakh people have filed their ITR. The last date for filing ITR-1 and ITR-2 is 31 July 2026. If you still have not been able to file ITR, then there is still time to pay income tax on time.
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