Who is required to file ITR in India?

Individuals whose income exceeds ₹2.5 lakh (₹3 lakh for senior citizens), business owners with turnover above ₹10 lakh, and anyone with foreign assets or TDS deductions.

Is ITR mandatory if my income is below ₹2.5 lakh?

Not mandatory, but filing is recommended to claim TDS refunds, build financial records, and for visa/loan applications.

What is the penalty for late filing of ITR?

Late fee under Section 234F is ₹5,000 (₹1,000 if income below ₹5 lakh). Interest under Section 234A is 1% per month on outstanding tax.

Can NRIs file ITR in India?

Yes, if they have income from India (salary, rent, business, capital gains) exceeding the basic exemption limit.

LIQUETAX INSIGHT

Who Should File Income Tax Return in India? Eligibility, Rules & Exemptions

Who should file ITR in India? Know eligibility, income limits, rules, exemptions, and penalties. Learn with Liquetax — expert guidance for error-free filing.

What this guide covers

What does Who Should File Income Tax Return in India? Eligibility, Rules & Exemptions mean in practice?
Who is affected and what should they check first?
Which documents or records should be kept ready?
What common mistakes should be avoided?

PROFESSIONAL REVIEWERProfessional verification pendingThis educational content has not yet been presented as professionally verified advice.

REVIEW RECORDProfessional verification requiredContent updated 19 Aug 2026