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July 16, 2022

Income Tax Return filing is mandatory in 9 situations

by CA Shivam Jaiswal in Income Tax

Income Tax Return filing is mandatory in 9 situations – Check if you fall in any of them

  1. If your total income exceeds the basic exemption limit ⦁ 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 own any assets outside India (including any financial interest in any entity) or (as a beneficiary or otherwise) .
  3. If you have signing authority in any account located outside India or is a beneficiary of any asset
  4. Deposit of INR 1 cr or more in current A\C
  5.  Foreign travel expenses exceeding INR 2 lacs
  6.  Electricity consumption exceeding INR 1 lac during the previous year
  1. If turnover of your business is more than Rs 60 lakh, be it total sales, turnover, or gross receipt of the business exceeds Rs 60 lakh during the previous year
  2.  If gross receipt from profession is more than Rs 10 lakh
  3.  If TDS and TCS is Rs 25,000 or more The threshold limit of Rs 25,000 shall be considered as Rs. 50,000 in the case of resident senior citizen,
  4.  If deposit in one or more saving bank account is Rs 50 lakh or more Even if your income < Rs 2.5 Lakhs you are required compulsory to file your Tax Returns before due date i.e 31 July 2022 if you fall in any of the above categories

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