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Every individual, including Non-Resident Indians (NRIs), is obligated to file an income tax return when their Gross Total Income surpasses the specified basic exemption limit. The basic exemption limit for individuals filing income tax returns under both tax regimes is set at 2.5 lakhs until the financial year 2022-23 (Assessment Year 2023-24).

For senior citizens, defined as individuals aged 60 years or above but less than 80 years, the requirement to file an Income Tax Return (ITR) arises when their gross total income exceeds Rs. 3 lakhs in a financial year. Similarly, super senior citizens, individuals aged 80 years or above, are mandated to file an ITR if their gross total income exceeds Rs. 5 lakhs in a financial year.

Filing Income Tax Returns (ITR) is imperative even in cases where the income falls below the exemption limit, under the following circumstances:

• Deposited an amount or an aggregate of over Rs.1 crore in one or more current accounts maintained with a bank or a cooperative bank.
• Incurred an aggregate expenditure of over Rs.2 lakh for yourself or any other person for traveling to a foreign country.
• Incurred aggregate expenditure over Rs.1 lakh towards payment of electricity bills.
• The sales turnover of a business exceeds Rs.60 lakh during the year.
• Total professional gross receipts exceed Rs.10 lakh during the financial year.
• Total TDS or TCS exceeds Rs.25,000 during the financial year; for senior citizens, this limit is Rs.50,000.
• The amount deposited in one or more savings accounts is Rs.50 lakh or more during the financial year.

In India, individuals have multiple options for submitting their Income Tax Return (ITR). One such avenue is the income tax efiling login portal (https://www.incometax.gov.in/iec/foportal/), where taxpayers can electronically file their ITR.

Alternatively, Myitronline offers a swift and straightforward e-filing process through its user-friendly interface, enabling users to complete their ITR filing in just 3 easy steps. The platform also provides expert assistance, ensuring a seamless filing experience. It's important to note that the deadline for filing ITR for the Financial Year 2022-23 (Assessment Year 2023-24) is 31st July 2023.

Any individual can check their ITR status on the following Income tax website. You will need your PAN details and ITR declaration number.

You can file revised tax returns in case of an omission or any mistakes in the original tax returns. A revised tax return can be refiled as per the income tax section act 1961, section 139(5).

Failure to file Income Tax Return (ITR) by the due date can lead to various penalties and consequences in India. The repercussions for non-filing or late-filing of ITR include:

1. Late Filing Fee: Taxpayers who miss the filing deadline may face a late filing fee, with the amount varying based on the delay. For belated ITR filed after the due date but before December 31st of the relevant assessment year, the late filing fee is Rs. 5,000. If filed after December 31st, the fee increases to Rs. 10,000.
2. Interest on Tax Liability: If a taxpayer has outstanding tax liability, interest accrues on the amount due from the filing due date until the date of payment. The current interest rate is 1% per month, calculated during this period.
3. Loss of Benefits: Filing a belated return may result in the loss of certain benefits, such as the ability to carry forward losses. Moreover, failure to file ITR altogether may lead to the inability to claim TDS refunds, if applicable.
4. Prosecution: In cases of willful failure to file ITR, taxpayers may face prosecution under Section 276CC of the Income Tax Act, potentially leading to imprisonment and/or fines.

It is crucial for taxpayers to adhere to the filing deadlines to avoid these penalties and ensure compliance with tax regulations.