Filing an Income Tax Return (ITR) is mandatory in India for individuals and entities that meet certain conditions under the Income Tax Act, 1961

 


Filing an Income Tax Return (ITR) is mandatory in India for individuals and entities that meet certain conditions under the Income Tax Act, 1961. Here's a breakdown of who must file an ITR:


🔹 Mandatory ITR Filing for Individuals

You must file an ITR if any of the following apply:

1. Income Threshold

  • Resident Individuals below 60 years: Gross total income > ₹2.5 lakh

  • Senior Citizens (60–79 years): Gross total income > ₹3 lakh

  • Super Senior Citizens (80+ years): Gross total income > ₹5 lakh

(Gross Total Income = Before deductions under Chapter VI-A like 80C, 80D, etc.)



2. Other Mandatory Scenarios

Even if your income is below the threshold, you must file ITR if:

  • Deposited > ₹1 crore in one or more current accounts in a year

  • Spent > ₹2 lakh on foreign travel

  • Spent > ₹1 lakh on electricity in a year

  • You own foreign assets or income (applicable to residents)

  • You're a resident and have signing authority in a foreign bank account

  • You want to claim a refund of TDS/TCS

  • You wish to carry forward losses under any head (like capital loss)

  • You are filing ITR to report exempt income, e.g., agriculture income > ₹5,000

  • You are a director in a company or have invested in unlisted equity shares


🔹 Mandatory ITR Filing for Other Entities

  • Company: Mandatory, irrespective of income

  • Firm (including LLPs): Mandatory, even if no income or loss

  • Trusts, Societies, AOPs, BOIs: Usually required, especially if they want to claim exemptions

  • Non-residents: If they earned income taxable in India


Voluntary Filing (Recommended even if not mandatory)

You can file ITR voluntarily if:

  • You want to maintain income records

  • To apply for a loan or visa

  • To claim TDS refunds

  • To establish a base for future creditworthiness

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