Minimum Income Required To File Taxes 2025. In general, any individual or entity whose total income during the financial year exceeds the basic exemption limit (which varies depending on age and income category) must file an income tax. In 2023, for example, the minimum for single filing status if under age 65 is $13,850.

Jersey has passed legislation to implement the oecd’s global minimum tax rate of 15%, known as pillar 2, which will apply for fiscal years commencing on or after 1 january. Section 194p of the income tax act, 1961 provides conditions for exempting senior citizens from filing income tax returns aged 75 years and above.