The deadline for filing ITR for FY23 (AY24) is today, July 31. Taxpayers must submit their returns by the end of the day to avoid penalties, with a few exceptions.
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Here are the categories of taxpayers who must file ITR by today:
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Income Exceeding Exemption Limit
File ITR if your total income before deductions exceeds the basic exemption limit.
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Foreign Assets
File ITR if you own or have an interest in assets outside India, or are an authorized signatory for foreign accounts.
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Foreign Investments
Required to file ITR if you have invested in shares, bonds, mutual funds of foreign companies, or have Employee Stock Options.
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High Electricity Charges
File ITR if you have paid electricity charges exceeding ₹1 lakh, even if the connection is not in your name.
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Foreign Travel Expenses
You must file ITR if you have spent over ₹2 lakhs on foreign travel for yourself or others.
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Bank Deposits
Required to file ITR if bank deposits in your name exceed ₹50 lakh in savings accounts or ₹1 crore in current accounts.
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Business Sales
File ITR if the total sales from your business exceed ₹60 lakh.
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Income Level Irrelevance
Regardless of your income level, you must file an ITR if your total business sales exceed ₹60 lakh.