FinanceMint
ITR filing deadline approaches; form query explained
in5points
ITR deadline is July 31, with over 5 crore returns already filed.
The 'reason for filing ITR' field offers options: income above exemption limit, claiming refund, carrying forward losses, mandatory filing, or others.
Choosing the wrong option may result in a tax notice or delayed refund, per an Upstox report.
Income above exemption limit thresholds: ₹4 lakh under new tax regime, ₹2.5 lakh under old regime for individuals below 60.
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