7 Cases Making ITR Compulsory #fy202526 #itr #nstaxwalla #nstaxconsultancyundri #incometaxreturn

◼️ For the Financial Year 2025-26 (Assessment Year 2026-27), filing an Income Tax Return (ITR) is mandatory, even if your total income is below the taxable limit, if you fulfill any of the following key conditions stipulated under the Income Tax Act:

◾️7 Cases Making ITR Compulsory (FY 2025-26)
▪️High-Value Bank Deposits: If you have deposited an aggregate amount of ₹1 crore or more in one or more current accounts during the financial year.

▪️Savings Account Deposits: If you have deposited an aggregate amount of ₹50 lakh or more in one or more savings accounts.

▪️High Expenditure on Foreign Travel: If you have spent more than ₹2 lakh on foreign travel for yourself or any other person.

▪️High Electricity Consumption: If your expenditure on electricity consumption exceeds ₹1 lakh in the financial year.

▪️High Business Turnover: If your turnover, gross receipts, or sales in business exceeds ₹60 lakh.

▪️Professional Receipts Threshold: If your gross receipts from a profession exceed ₹10 lakh.

▪️High TDS/TCS Amount: If your total TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) during the year is ₹25,000 or more (or ₹50,000 or more for senior citizens).

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