Mandatory filing of Income Tax Return

Neethi V. Kannanth | Last updated: 26 April 2022

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This article clarifies who is required to file an Income Tax Return. It outlines various scenarios, including exceeding income thresholds (with different limits for senior citizens), companies and firms regardless of profit, and situations involving carrying forward losses or claiming refunds. It also covers specific cases like foreign asset holdings, signing authority on foreign accounts, and receipt of certain types of income. Additionally, it details thresholds for high expenditure on foreign travel or electricity, and significant bank deposits for individuals not registered as companies or firms.

If you are unsure about whether you are required to file an income tax return, then this article will help you get clarity. Read on to know more about it. Situations in which Filing of Income Tax Return is Mandatory 1. Gross total income before allowing any deduction under section 80C to 80U e

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FAQ :

For the financial year 2021-22, if your gross total income before deductions exceeds Rs. 2.5 lakhs, you must file an ITR. This limit is Rs. 3 lakhs for senior citizens (60-80 years) and Rs. 5 lakhs for super senior citizens (above 80 years).

Yes, companies and firms are required to file an Income Tax Return irrespective of whether they incurred a profit or a loss in the previous year.

You must file an Income Tax Return if you wish to carry forward any losses to future years or if you are eligible to claim an income tax refund.

Yes, a resident individual must file an ITR if they possess an asset or have a financial interest in an entity outside India, or if they have signing authority on a foreign account.

As per Notification no. 37/2022, individuals whose business turnover or gross receipts exceed Rs. 60 lakh, or whose professional gross receipts exceed Rs. 10 lakh, must file an ITR. Also, if the aggregate of tax deducted and collected at source is Rs. 25,000 or more (Rs. 50,000 for those aged 60+), filing is mandatory.

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