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    Charles warns small boats crisis is a ‘profound challenge’ as he hosts Macron at state banquet ahead of migrant ‘deal’

    Charles warns small boats crisis is a ‘profound challenge’ as he hosts Macron at state banquet ahead of migrant ‘deal’

    Jeremy Corbyn’s planned hard-left party of two in chaos as he refuses to confirm who’ll lead it

    Jeremy Corbyn’s planned hard-left party of two in chaos as he refuses to confirm who’ll lead it

    Keir insists he’s still backing Reeves after ‘late-night talks’ as he tries to steady ship after Commons chaos

    Keir insists he’s still backing Reeves after ‘late-night talks’ as he tries to steady ship after Commons chaos

    Critics have slammed Ed Miliband’s net zero policies after major UK oil refinery went bust

    Critics have slammed Ed Miliband’s net zero policies after major UK oil refinery went bust

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      Future of Media Awards shortlist highlights best of digital journalism in 2025

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      • Politics
        Charles warns small boats crisis is a ‘profound challenge’ as he hosts Macron at state banquet ahead of migrant ‘deal’

        Charles warns small boats crisis is a ‘profound challenge’ as he hosts Macron at state banquet ahead of migrant ‘deal’

        Jeremy Corbyn’s planned hard-left party of two in chaos as he refuses to confirm who’ll lead it

        Jeremy Corbyn’s planned hard-left party of two in chaos as he refuses to confirm who’ll lead it

        Keir insists he’s still backing Reeves after ‘late-night talks’ as he tries to steady ship after Commons chaos

        Keir insists he’s still backing Reeves after ‘late-night talks’ as he tries to steady ship after Commons chaos

        Critics have slammed Ed Miliband’s net zero policies after major UK oil refinery went bust

        Critics have slammed Ed Miliband’s net zero policies after major UK oil refinery went bust

        Trending Tags

        • Business
          • All
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          Future of Media Awards shortlist highlights best of digital journalism in 2025

          Future of Media Awards shortlist highlights best of digital journalism in 2025

          Business Post: From ‘shocking’ engagement to 12,000 subscribers

          Business Post: From ‘shocking’ engagement to 12,000 subscribers

          News diary 7-13 July: 7/7 bombings 20th anniversary, Netanyahu at White House, Macron state visit to UK

          Urgent bid lodged with UK regulator to stop Google AI Overviews ‘stealing journalism’

          Urgent bid lodged with UK regulator to stop Google AI Overviews ‘stealing journalism’

          Trending Tags

          • Tech
            ‘Death date’ of universe revealed as scientists predict when ‘shrinking’ will start before ‘Big Crunch’ wipes us all out

            ‘Death date’ of universe revealed as scientists predict when ‘shrinking’ will start before ‘Big Crunch’ wipes us all out

            Is this the breakfast of the future? Bread made of BUGS & fungus created to fight food shortage – so would YOU try it?

            Is this the breakfast of the future? Bread made of BUGS & fungus created to fight food shortage – so would YOU try it?

            Mystery of Captain Cook’s lost ship is SOLVED after 250 years as scientists discover sunken remains of HMS Endeavour

            Mystery of Captain Cook’s lost ship is SOLVED after 250 years as scientists discover sunken remains of HMS Endeavour

            Sex-crazed insects cause car to flip with drivers warned to keep windows closed on roads as the bugs invade US

            Sex-crazed insects cause car to flip with drivers warned to keep windows closed on roads as the bugs invade US

            I used ChatGPT as FREE nutritionist to rate my diet & turbocharge my health – it found TWO hidden dangers in my meals

            I used ChatGPT as FREE nutritionist to rate my diet & turbocharge my health – it found TWO hidden dangers in my meals

            Huge number of horses’ facial expressions revealed as scientists discover equine ‘language’

            Huge number of horses’ facial expressions revealed as scientists discover equine ‘language’

          • Health
          • Science

            We’ve probably already been discovered by aliens, but they have some pretty good reasons to hide.

            Almost everyone is said to benefit from a scientifically supported method for improving sleep.

            2,500-year-old rock engravings were found near Mosul, Iraq.

            Is the soul of a person eternal? the findings of scientists

            With its most recent move, is General Electric abandoning wind power?

          • Crypto
          • Entertainment
            • All
            • Gaming
            • Sports
            Jon Jones performs retirement U-turn and announces return to UFC testing pool after Dana White lying claims

            Jon Jones performs retirement U-turn and announces return to UFC testing pool after Dana White lying claims

            Tyson Fury heads off to business meeting still wearing Primark Soccer Aid suit after dropping F-bomb live on ITV

            Tyson Fury heads off to business meeting still wearing Primark Soccer Aid suit after dropping F-bomb live on ITV

            ‘This’ll wind people up’ – DeChambeau and Rose’s response to how club golfers would cope at Oakmont US Open course

            ‘This’ll wind people up’ – DeChambeau and Rose’s response to how club golfers would cope at Oakmont US Open course

            UFC 316 – Merab Dvalishvili vs Sean O’Malley 2: Fight time, full card, TV channel and live stream ahead of huge rematch

            UFC 316 – Merab Dvalishvili vs Sean O’Malley 2: Fight time, full card, TV channel and live stream ahead of huge rematch

            Olympics gender row boxer Imane Khelif BANNED from next week’s World Cup as chiefs introduce mandatory sex testing

            Olympics gender row boxer Imane Khelif BANNED from next week’s World Cup as chiefs introduce mandatory sex testing

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            • Travel
            A Site for Situated Practices: Mezzanine

            Exhibition: Substance & Recoding: The Narrative of Contemporary Objects in the Semantic Turn

            Discover Amsterdam’s beauty from the water

            An adventure on the canals of Amsterdam

            An adventure on the canals of Amsterdam

            Eromosele Gideon Eigbiremolen Unveils Sustainable Vision for SS24 with Burvain's Latest Collection.

            Eromosele Gideon Eigbiremolen Unveils Sustainable Vision for SS24 with Burvain’s Latest Collection.

            after builders cleaning

            After Builders Cleaning Services in UK with Cliffycox: Reviving Spaces, Redefining Cleanliness

            Creating an Oasis Deponti Glass Room Products and Maze Outdoor Kitchens

            Creating an Oasis: Deponti Glass Room Products and Maze Outdoor Kitchens

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          If your annual income is less than 7 lakh rupees, know whether ITR filing is required or not?

          by Anderson
          June 19, 2024
          in Asian News
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          If your annual income is less than 7 lakh rupees, know whether ITR filing is required or not?

          The last date for filing income tax returns for financial year 2023-24 and assessment year 2024-25 is approaching. In such a situation, people who come under the tax slab and have not yet filed their income tax return can file it on time. Those whose income falls outside the tax slab need not file a return.

          Generally, if there is no tax liability, taxpayers think that it is not necessary for them to file an income tax return, but this is not the case. In such a situation, let's know if your annual income is less than 7 lakh rupees, should you file a tax return or not?

          Is it necessary to file ITR on income below Rs 7 lakh?

          People who opted for the old tax system are getting the benefit of tax exemption on annual income of Rs 5 lakh, according to the new tax system, no tax will have to be paid on income of Rs 7 lakh. Suppose your income is Rs 7.50 lakh, then in such a case you do not need to pay income tax after the standard claim of Rs 50,000, but in such a case you need to file an income tax return.

          Along with this, you are getting the benefit of maximum tax relief of Rs 12,500 under the old tax system. While in the new tax system this discount is 25,000 rupees. In both these cases, you have zero tax liability, but you are required to file an income tax return under certain circumstances. In most cases, if there is no tax liability, taxpayers think that it is not necessary for them to file an income tax return, but this is not the case.

          Who are required to file ITR?

          1. If your total income falls within the tax slab without any deductions, you are required to file an income tax return.
          2. As per the old tax regime, ITR is required to be filed for senior citizens above 60 years of age whose annual income exceeds Rs 2.50 lakh.
          3. Senior citizens between 60 to 80 years of age whose annual income is more than 3 lakh rupees are required to file ITR.
          4. Senior citizens above 80 years of age whose income is more than 5 lakh rupees are also required to file income tax returns. Taxpayers with bank deposits of more than 50 lakhs are required to file income tax returns.
          5. If your business income is more than 10 lakh rupees in a financial year, in such a case it is necessary to file an income tax return.
          6. Whose TCS/TDS is Rs. 25,000 is more than required to file ITR.
          7. If you are deriving income from foreign assets, in such a situation it is necessary for you to file an income tax return.
          8. If you spend Rs. If you spend more than 2 lakhs, you need to file an income tax return.

          This can be a huge loss if you don't file ITR

          It may be noted that the date for filing income tax return without penalty for FY 2023-24 and assessment year 2024-25 is 31 July 2024. If you file ITR after July 31, you will have to pay a penalty of Rs 1000 on annual income of Rs 5 lakh. Whereas on income of more than 5 lakh rupees you have to pay a penalty of 5000 rupees.

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