Is it necessary to file ITR even without earnings? Can the government send notice to such people as well?

Even if your income is less than the tax-free limit, it is necessary to file ITR in some circumstances. If you have more than Rs 1 crore deposited in your current account or have foreign assets, you may face notice and penalty for not filing ITR.

The Income Tax Department has extended the last date for filing income tax returns for the financial year 2024-25 to September 15. Now only one week is left for the deadline, but the pace of returns filed till September 7 is much slower than expected. People generally believe that if their annual income is less than the tax free limit, then there is no need to file ITR. The reality is that in some circumstances, even if your taxable income is zero, it is mandatory to file ITR. Failure to do so may not only result in penalty but also a notice can be sent by the Income Tax Department. If you have deposited more than one crore in your current account

If you have deposited an amount of one crore rupees or more in the current account of any bank within 1 year, then it is necessary to file ITR. This rule applies to both cash and digital transactions. The government's aim is to keep an eye on such big transactions so that black money can be stopped.

If you have spent more than 2 lakhs on foreign travel

If you have spent 2 lakhs or more on foreign travel in a year, then it is also mandatory to file a return. Whether this expenditure is for a personal trip or a business trip, it is necessary to file ITR in both situations.

If the electricity bill is more than 1 lakh

If your annual electricity bill is more than Rs 1 lakh, then the Income Tax Department makes it mandatory to file ITR to track the difference between your expenses and income. This rule covers those people who show less income but spend more.

ITR is also necessary for TDS deduction

If TDS of Rs 25,000 or more has been deducted on your income in a year, then you will have to file ITR. Whereas for senior citizens, this limit has been kept at 50,000. Its purpose is to ensure that those on whom tax has been deducted, give correct details of their income.

People with foreign property or bank accounts

If you have any property in another country or you have signing authority in the bank account of a foreigner, then you will have to file ITR in any case. While filing ITR, you have to give complete information about your foreign income and assets. These rules of the Income Tax Department have been made to keep an eye on those people whose declared income is low. But their expenses and transactions are big.