Cases where filing of the Income Tax Return is mandatory

Cases where filing of the Income Tax Return is mandatory

Check out the Cases where filing of the Income Tax Return is mandatory

  1. Taxable income is more than basic exemption limit i.e. Rs. 2,50,000/-.
  2. Filing return of income due to fulfilling any one or more below mentioned conditions as per Seventh Proviso to section 139(1):
    • Deposited amount or aggregate of amounts exceeding ₹ 1 crore in one or more current accounts during the previous year;
    • Incurred expenditure of an amount or aggregate of amount exceeding ₹ 2 lakhs for travel to a foreign country for yourself or for any other person;
    • Incurred expenditure of amount or aggregate of amount exceeding ₹ 1 lakh on consumption of electricity during the previous year.
  3. Are you required to file a return as per other conditions prescribed under clause (iv) of seventh proviso to section 139(1):
    • For Business: if his total sales, turnover or gross receipts > Rs. 60 lakhs during the previous year; or
    • For Profession: if his total gross receipts > Rs. 10 lakhs during the previous year; or
    • TDS/TCS: if the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is Rs. 25,000 or more; or
    • Deposit in Saving Account: the deposit in one or more savings bank account of the person, in aggregate, is Rs. 50 lakhs or more during the previous year:

      Important Point:
      For Resident Senior Citizens – TDS/TCS limit is Rs. 50,000 for mandatory filing of Income Tax Return, read out the relevant proviso:
      In the case of an individual resident in India who is of the age of sixty years or more, at any time during the relevant previous year, the provision of clause (iii) shall have effect as if for the words “twenty-five thousand”, the words “fifty thousand” had been substituted.’.

Relevant Notification

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CA Gaganmeet Singh