Basics of Income Tax in India

1/6 📅 Financial Year (FY) 2023-24:

Period: 1st April 2023 to 31st March 2024.

Income earned is assessed in Assessment Year (AY) 2024-25.

2/6 📅 Important Due Date:

ITR Filing Deadline for FY 2023-24: 31st July 2024 (for non-audit and non-transfer pricing cases).

3/6 📂 5 Heads of Income:

Salary
House Property
Business Income
Capital Gains
Other Sources

4/6 🧾 Tax Filing Requirements:

No Tax Payable: If income is up to ₹7 lakhs (under the new tax regime), but ITR must still be filed.

5/6 🧾 No Need to File ITR:

If income is up to:₹2.5 lakhs ₹3 lakhs for senior citizens ₹5 lakhs for super senior citizens

6/6 📌 Note:

Always check for exceptions and specific conditions that may apply to your situation.

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