We all know that Income tax returns are forms also known as ITR’s popularly, ITRs are filed to state the income of an assessee for the respective year, Therefore what are the conditions an Individual or a firm is required to file their income tax return?
When is Income Tax Return Filing Mandatory/compulsory in India?
1. When the total income of the assessee for the respective year crosses 2,50,000
2. When an assessee deposits more than 1 cr in one or more current accounts
3. When an assessee spends more than 2 lakhs for himself or others for foreign travel
4. When an assessee spends more than 1 lakhs in consumption of electricity
5. If an assessee has a business and turnover is more than 60 lakhs in a year
6. If an assessee in any profession and turnover is more than 10 lakhs in a year
7. When TDS/TCS deducted of the assessee is 25000 or more in the case where age is less than 60
8. When TDS/TCS deducted from the assessee is 50000 or more in the case where age is 60 or more
9. If an assessee deposits 50 lakhs or more in his savings bank account
10. If an assessee has assets outside India
So, these were the cases where the Income tax return is mandatory to file in India
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