Benefits of early filing and mandatory filing even if income is below Rs 2.50 lakhs

ITR filing for FY 23-24 started on April 01, 2024 and 1145637 e-filed till May 12. This is a great achievement by the income tax department considering the delays and difficulties faced by taxpayers in the last few years. 11,45,637 returns have already been filed until May 12.

It's always better to file as early as possible to avoid last minute rush or losing some tax deduction in haste. You get interest on a refund due from April 1, 2024 if you file before the due date and early refund also get processed. Last but not the least there could be a late filing fee Rs 5000 if you miss the due date. However, one should wait for TDS credit in his/her form 26 AS and match AIS financial details also before filing. In below cases you can file early if there is no TDS or refund.

If you don't have any refund no TDS is to be deducted, if you are self-employed, there is no applicability of TDS on salary. You can file now as provided the above 2 points are satisfied. If you are a government school teacher with no TDS applicability and if your income is less than ₹7.5 lakhs salaried individuals can file taxes as there would be no tax liability under the new regime professionals or presumption business who don't have TDS deducted can file their ITR based on advance taxes filing of return is mandatory if total income of an individual exceeds maximum amount which is not chargeable to income tax i.e. Rs 250000 for persons below 60 years of age.  It is also mandatory in 8 cases even if your income is below Rs 250000 if individual:

1. Is resident and holding foreign assets, bank accounts or signing authority.
2. Has incurred travel expenses of more than 2 lakh during the FY.
3. Electricity expenses have incurred more than 1 lakh during the FY.
4. Total sales or Business receipts are more than 60 lakhs during the FY.
5. Total receipts in profession are above Rs 10 lakh during the FY.
6. Total tax deducted is Rs 25000 or more (Rs 50000 for senior citizens).
7. Aggregate deposit in savings account more than Rs 50 lakh.
8. Aggregate deposit in current account more than Rs 1 crore.