Have you filed your Income Tax Return, yet? If not, please go through the below points to know if you are mandated by the government, to file your return. If you fall in any of the categories listed below, then it is mandatory for you to file the return, even if there has been no tax deducted.
Let us look at the situations, U/s 139, wherein ITR filing by an individual is mandatory even if no tax has been deducted from his income or even if he does not earn any income. Recently, a few more situations have been notified wherein return filing is mandatory.
Recently, the Income Tax Department has enhanced the scope of this provision and notified a few more situations wherein return filing is mandatory.
1) If your total income exceeds the basic exemption limit :
An individual shall file the return if his income exceeds the maximum exemption limit. The maximum exemption limit for individuals is:
⦁ Rs. 2.5 lakh for an individual;
⦁ Rs. 3 lakh for resident senior citizen (age 60 years or more but less than 80 years); and
⦁ Rs. 5 lakh for resident super senior Citizen (age 80 years or more).
2) If you have assets outside India :
It is mandatory for an individual to furnish a return of income if he:
⦁ holds any asset (including any financial interest in any entity) located outside India (as a beneficiary or otherwise);
⦁ has signing authority in any account located outside India; or
⦁ is a beneficiary of any asset (including any financial interest in any entity) located outside India.
This provision shall apply to resident and ordinary resident individuals in India.
3) If you deposit more than Rs 1 crore in a bank account :
An individual shall file his return if he has deposited Rs 1 crore or more in one or more current accounts maintained with a bank during the previous year.
No reference has been made for the deposit made in the current account maintained with a Post Office. Thus, if an individual is depositing more than Rs 1 crore in a current account with a post office and his income is less than the maximum exemption limit, he may not be required to furnish his return.
4) If you incur Rs 2 lakh on foreign travel :
An individual will file his return if he has incurred more than Rs 2 lakh on travel to a foreign country, either for himself or for any other person during the previous year.
5) If your electricity consumption is Rs 1 lakh :
An individual shall file his return if he has incurred more than Rs 1 lakh on electricity consumption during the previous year.
6) If turnover of your business is more than Rs 60 lakh :
An individual must file his return if total sales, turnover, or gross receipt of the business exceeds Rs 60 lakh during the previous year.
7) If gross receipt from profession is more than Rs 10 lakh :
An individual shall file his return if the total gross receipt of the profession exceeds Rs 10 lakh during the previous year.
8) If TDS and TCS is Rs 25,000 or more :
An Individual (age less than 60 years) is required to file his return if the aggregate amount of tax deducted at source (TDS) and tax collected at source (TCS) in his case during the previous year is Rs 25,000 (Limit is Rs. 50,000 in case of individual whose age is more than 60 years) or more.
9) If deposit in a saving bank account is Rs 50 lakh or more :
An individual shall file his return if the aggregate deposit in one or more savings bank accounts is Rs 50 lakh or more during the previous year.