Who Should File Income Tax Return 2024?

Individuals with Taxable Income

If you have earned taxable income during the financial year, you must generally file an income tax return. This includes income from salaries, businesses, investments, etc.

Salaried Individuals

Fill in If you are a salaried individual and your annual income exceeds the basic exemption limit set by the tax authorities, you must file an income tax return.text

Self-Employed Individuals

Self-employed individuals, such as freelancers, consultants, or small business owners, are generally required to file income tax returns, regardless of their income level.

High-Income Earners

High-income earners often have complex tax obligations. If your income crosses a certain threshold specified by the tax laws, you may be required to file an income tax return.

Individuals with Foreign Assets or Income

Additional reporting requirements may apply if you have foreign assets or earn income abroad. Understand foreign tax laws, regulations and file necessary returns like the Foreign Bank Account Report (FBAR).

Claiming Refunds or Losses

Filing an income tax return is necessary to claim tax refunds or carry forward losses from previous years.

Individuals with Taxable Investments

If you have invested in assets such as stocks, mutual funds, or real estate and earned income from them, you may need to file an income tax return.

Social Security Recipients

Even if your sole source of income is social security benefits, you may still be required to file an income tax return.

Other Factors to Consider

There may be other factors that require you to file an income tax return, such as receiving certain types of income like dividends, rental income, or alimony.