Mihir Tanna |964 Answers |Ask -Follow
Tax Expert - Answered on Nov 25, 2022
Please advise me in details considering me as a lay man.
Regarding filing income tax return, person is required to file Income tax return in following scenarios:
1. If income is above Rs.2.5 lakh in a Financial Year; or
2. Further following specified persons are also required to file income tax return even if earned income is below Rs.2.5 lakh:
a. People with Sales turnover of Rs 60 lakh and above from Business
b. Professional income exceeding Rs 10 lakh
c. TDS or TCS of Rs 25,000 or more (Rs 50,000 or more in case of senior citizen) - even if person don't want to claim refund
d. Deposited at least Rs 50 lakh in one or more savings accounts
e. Deposited amounts exceeding Rs 1 crore in one or more current accounts
f. Spending above Rs 2 lakh on a foreign country travel Electricity bill exceeding Rs 1 lakh
g. Where there is an income from foreign sources for resident
h. Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India
i. If you are a Resident and a signing authority in a foreign account
Apart from above, it is also advised to file ITR in following situations, if same is applicable in your case:
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