ITR filing is mandatory in 10 situations – Check if you fall in any of them

ITR filing is mandatory in 10 situations – Check if you fall in any of them

Section 139 lists certain situations 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.

A common understanding is that the obligation to file an income tax return (ITR) arises if an individual earns income on which tax has been deducted. 

Recently, the Income Tax Department has enhanced the scope of this provision and notified a few more situations wherein return filing is mandatory.

we have listed all those situations which require an individual to furnish his return of income for the Financial Year 2021-22 (Assessment Year 2022-23). 

1) If your total income exceeds the basic exemption limit

2) If you have assets 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.

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

5) If your electricity consumption is Rs 1 lakh

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

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 or more.

9) If TDS and TCS is Rs 50,000 or more

10) If deposit in a saving bank account is Rs 50 lakh or more