As per the Income Tax Act, you must file your ITR if your gross taxable income exceeds the basic exemption limit (Rs 2,50,000 under the old regime and Rs. 3,00,000 under the new regime). Hence, you are required to file an ITR even if your income is less than Rs. 5 lakhs. However, this does not mean you will be required to pay taxes. That’s because you are eligible to claim a rebate under Section 87A, which can effectively reduce your tax liability to zero.