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Filing Income Tax Returns – Check your Eligibility

Now that you have understand what the Income Tax Return is, let’s have a look on the criteria where an individual (other than a company or firm) is required to mandatorily file his/her ITR:

1. The Total Income exceeds the Basic Exemption Limit: There are different basic exemption limits applicable based on age. Those who are below the age of 60 years, he/she have to pay tax only if their taxable income exceeds Rs. 2.50 lakhs, Those over 60 but below 80 years, enjoy an exemption upto Rs. 3 lakhs. Very senior citizens who have already crossed 80 years enjoy free income upto Rs. 5 lakh every year. Ads by.

2. Deposit in Current Accounts: If in total, an amount of more than Rs. 1 Crore is deposited in on or more current account of a single person, then that person has file its return irrespective of the total income.

3. Expenditure towards Travel to Foreign Country: If any individual has incurred expenditure of more than Rs. 2 lakh for himself or for any other person for travel to Foreign Country, such individual has to mandatorily file its ITR.

4. Consumption of Electricity: If any individual has incurred more than Rs. 1 lakh towards payment of electricity bill, then it is required to file ITR.

5. Business Turnover: If you are running a business and your total sales, turnover or gross receipts in the business exceeds Rs. 60 Lakhs during the previous year, you need to file ITR.

6. Professional Receipts: If you are a professional and the total gross receipts in profession exceeds Rs. 10 lakhs during the previous year, then it is mandatorily to file ITR. Professional Receipts is defined as the gross receipts earned by the professionals coming under the Income Tax Rules.

7. Tax Deducted at Source/Tax Collection at Source: TDS is levied on income earned from salaries, commissions, dividends, contractual work, professional charges, sale, rent and purchase of immovable property, interest income and rate on them varies from income to income. If any person’s aggregate amount of Tax deducted at Source/Tax Collection at Source is 25,000 or more or in Case of Senior Citizens is Rs. 50,000 or more, such person is required to mandatory file its ITR. Report this ad

8. Deposit in Saving Bank Accounts: If any person makes deposits aggregating of more than Rs. 50 lakhs in one or more of its saving bank accounts during the previous year, such person is required to mandatorily file its ITR.

All conditions mentioned above are on standalone basis and even if any one of the condition satisfies in case of an individual (other than a company or firm), such individual is mandatorily required to file Income Tax Return. Whether it is mandatory to file or not, one should always file the return because of the added advantages.