File Your Income Tax

Who Are Required To File

If your total income in the year is more than the tax-free limit

Even if your income falls below the basic exemption limit, it is mandatory to file ITR if you meet any of these conditions:

• If you have deposited a total of Rs. 1 crore or more in one or more current accounts with a bank. However, no such requirement has been specified for deposits made in with post office current accounts.
• If your have deposited more than Rs 50 lakh in your 'savings' bank accounts.
• If you have spent more than Rs 2 lakh on foreign travel whether for yourself or any other person.
• If the yearly electricity expenditure is more than Rs 1 lakh.
• If your tax is withheld in form of TDS/TCS is more than Rs 25,000. In the case of a senior citizen (above 60 years), this limit is Rs 50,000.
• Your business turnover is more than Rs 60 lakh.
• Income from your profession is more than Rs 10 lakh.
• If you have earned from or have invested in foreign assets during the FY.
• If the taxpayer is a company or a firm, irrespective of profit or loss.
• If you have loss from business/ profession or under capital gains head, you will not be allowed to carry them forward to the next years unless you file the return before the due date.