New Delhi, July 29 -- As the income tax return (ITR) deadline for FY 2024-25 (Assessment Year 2025-26) approaches, many taxpayers are asking whether ITR submission is necessary if their annual income is less than Rs.2.5 lakh.

It is important to keep in mind that, under the old tax regime, individuals under 60 years of age with income below Rs.2.5 lakh are not required to file an ITR, until and unless they fall under certain conditions prescribed by the income tax department.

Furthermore, in contrast, under the new tax regime, the basic exemption limit has been increased to Rs.3 lakh. This simply means that individuals with income below this threshold are also exempted from mandatory income tax filing. Going ahead, this exemption limit i...