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The Income Tax Act of our country exempts low-income earners from filing Income Tax Returns or ITR. It says that if a person's income is less than Rs 2.5 lakh in the old tax system or Rs 3 lakh in the new tax system, then filing ITR is not always necessary. But, tax rules say that it is necessary to file ITR for certain types of transactions, even if your income is less than the basic exemption limit. We are telling you eight such transactions.

Which transactions are included in this

Even if your annual income is less than Rs 2.5 lakh, it is necessary to file an ITR in some cases. According to Tax2Win, these rules also apply if the income is less than the basic exemption limit of Rs 2.5 lakh in the old tax system and Rs 3 lakh in the new tax system. These include:-

1. If you have spent two lakh rupees or more on foreign travel last year.

2. If you have any foreign assets or foreign income, then you will have to file an ITR. Actually, many people invest money in the shares of foreign companies. Due to this, they get dividends from these shares.

3. If your TDS or TCS is Rs 25,000 or more. In the case of senior citizens, this amount is Rs 50,000.

4. If you have deposited Rs 1 crore or more in the current account last year.

5. You have deposited Rs 50 lakh or more in the savings account.

6. The turnover of your business is Rs 60 lakh or more.

7. If you run a consultancy or provide professional services in the field of medical, legal, etc., and your professional receipt is more than Rs 10 lakh, then you also have to file ITR.

8. You have paid Rs 1 lakh or more as an electricity bill.

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