New Delhi, Aug. 4 -- ITR filing in the nation is primarily based on annual income thresholds, taxpayers' slab with specific exemptions outlined for the unemployed and students. It is prudent for all taxpayers below the age of 60 to file an Income Tax Return (ITR) if their total annual income exceeds Rs.2.5 lakh under the old regime or Rs.3 lakh under the new one.

Furthermore, as a taxpayer, you should keep in mind that it is not mandatory for individuals, whether unemployed or students, to file income tax returns. Especially in case the income remains below these exemption limits, one has to submit an ITR.

Still, as a well-aware citizen, it is always advisable to file income tax returns. Filing helps in the creation of a government-back...