Who needs to file Income Tax Return (ITR) 

Who needs to file Income Tax Return (ITR) 

Image: Pixabay

Image: Pixabay

If your gross annual income, in a financial year (April to March), is more than Rs. 2.5 lakh (without deductions), you must file an income tax return.

If your gross annual income, in a financial year (April to March), is more than Rs. 2.5 lakh (without deductions), you must file an income tax return.

There are some other conditions when you must file ITR. Read on for details

There are some other conditions when you must file ITR. Read on for details 

If you have incurred an aggregate expenditure of over Rs.2 lakh for yourself or any other person travelling to a foreign country.

If you have incurred an aggregate expenditure of over Rs.2 lakh for yourself or any other person travelling to a foreign country.

If you have incurred aggregate expenditure over Rs.1 lakh towards payment of electricity bill.

If you have incurred aggregate expenditure over Rs.1 lakh towards payment of electricity bill.

You want to carry forward a loss under a head of income.

You want to carry forward a loss under a head of income.

Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India.

Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India.

If you are a Resident and signing authority in a foreign account.

If you are a Resident and signing authority in a foreign account.

If you deposited more than Rs. 1 crore in a current account or more than Rs. 50 lakh in a saving account.

If you deposited more than Rs. 1 crore in a current account or more than Rs. 50 lakh in a saving account.

If your total sales, turnover or gross receipts from business exceeds Rs. 60 lakh / total gross receipts in profession exceeds Rs. 10 lakh

If your total sales, turnover or gross receipts from business exceeds Rs. 60 lakh / total gross receipts in profession exceeds Rs. 10 lakh

If your total TDS / TCS deducted during the year is Rs. 25,000 or more (Rs. 50,000 or more for senior citizens)

If your total TDS / TCS deducted during the year is Rs. 25,000 or more (Rs. 50,000 or more for senior citizens)

If taxes deducted/ deposited during the financial year exceeds the actual tax liability, then ITR filing is mandatory for individuals to claim income tax refund.

If taxes deducted/ deposited during the financial year exceeds the actual tax liability, then ITR filing is mandatory for individuals to claim income tax refund.

Anyone can file ITR. Proof of return filing may also be required when applying for a loan or a visa.

Anyone can file ITR. Proof of return filing may also be required when applying for a loan or a visa.