Who is required to file ITR (Individuals)

Why should you file ITR?
It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:
1. If your gross annual income is more than the basic exemption limit as specified below-
Particulars Amount
For individuals below 60 years Rs 2.5 Lakh
For individuals above 60 years but below 80 years Rs 3.0 Lakh
For individuals above 80 years Rs 5.0 Lakh
2. If you want to claim an income tax refund from the department.
3. If you have earned from or have invested in foreign assets during the FY.
4. If you wish to apply for visa or a loan
5. If the taxpayer is a company or a firm, irrespective of profit or loss.
Also, you are mandatorily required to file ITR even if your income is below the basic exemption limit but you meet one of the following conditions:
1. Have deposited an aggregate amount of more than Rs.1 crore in one or more current bank accounts; or
2. Have incurred an aggregate expenditure of more than Rs 2 lakh on foreign travel for self or any other person; or
3. Have incurred an expenditure aggregate of more than Rs.1 lakh towards electricity.

We hope you find the article useful, for any further queries and clarification you may contact

Lisha Bansal
CA Finalist
Tax Division
BJP & Associates
Mob : +91-99884-80245