Who is required to file income tax return in India?

Who is Required to File ITR (Income Tax Return) ?

As per the Income Tax Act of India, individuals are required to file an ITR only if their annual income exceeds the basic exemption limit that is Rs 2,50,000. However, there are certain conditions in which you might be required to file an ITR even if your income falls within the basic exemption limit. Given below is a list of such conditions.

Bank Deposits of more than 50 lakhs - If the annual savings bank deposit of an individual in one or more accounts exceeds Rs.50 lakhs, then, such individual must file ITR.

Current Account Deposits of more than Rs. 1 Crore - If an individual deposits Rs.1 crore or more in one or more current accounts during the financial year, then he/she must file an ITR.

Annual Sales Turnover above Rs.60 lakhs - Individuals having an annual sales turnover of more than Rs.60 lakh are required to file an ITR.

Professional income above Rs.10 lakh - If the professional income exceeds Rs.10 lakhs during a financial year, then he/she has to file an ITR.

Electricity Bill Exceeding Rs. 1 Lakh - If an individual’s electricity bill during the year exceeds Rs.1 lakhs, he/she is required to file an ITR.

TDS/TCS exceeding Rs.25,000 - If the TDS/TCS of a person is more than Rs.25,000, ITR filing is mandatory. However, this threshold is Rs.50,000 for senior citizens.

Income from foreign assets - If an individual has an asset in a foreign country or is a beneficiary of an asset in a foreign country, he/she must file an ITR.

Expenses on foreign travel - If an individual spends Rs.2 lakh or more on foreign travel for himself or for another person during the financial year, then such an individual has to file an ITR.

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