When is it Mandatory to File Income Tax Returns (ITR)
- Income exceeding the Basic Exemption limit
- To claim an income tax refund.
- All registered Companies and Firms
- Deposits Rs. 1 crore or more in one or more current accounts
- Deposits Rs. 50 lakh or more in one or more savings accounts
- Spending more than Rs. 2 lakh on foreign travel on self or other person.
- Electricity expense annually is more than Rs. 1 lakh
- TDS or TCS is more than Rs. 25000.(50,000 in case of Senior citizen).
- Business Turnover is more than Rs. 60 lakh
- Professional income is more than Rs. 10 lakh
- Have any foreign assets or foreign income
- For carry forward of losses
