Every individual has to declare his income with the Income Tax Department. Such declaration is required to be furnished in the prescribed Form known as Return of Income within due date as prescribed under the Income-tax Act, 1961 (“the Act). The Form depend upons the nature of the income of the taxpayer. CBDT vide Notification No. 23/2022 dated 01.04.2022 has notified following forms for the individuals for AY 2022-23:

Form No. Applicable Form
ITR 1 For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand.
ITR 2 For Individuals and HUFs not having income from profits and gains of business or profession.
ITR 3 For individuals and HUFs having income from profits and gains of business or profession.
ITR 4 For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE and agricultural income upto Rs.5 thousand.

9 Instances in Which an Individual Must File his/her Income Tax Return (ITR)

An individual must file his return of Income if:

1 total income exceeds the maximum amount which is not chargeable to tax i.e. exceeds the exemption Limit. (Rs. 2,50,000 for Individuals other than senior and super senior citizen/Rs. 3,00,000 for Senior Citizen who is 60 years or more at any time during the previous year/ Rs. 5,00,000 for Super Senior Citizen who is 80 years or more at any time during the previous year)
2 being a resident in India who at any time during the previous year

a) holds, as a beneficial owner or otherwise, any asset (including any financial interest in any entity) located outside India or has signing authority in any account located outside India; or

b) is a beneficiary of any asset (including any financial interest in any entity) located outside India

3 he deposits an amount (or aggregate of amount) in excess of Rs. 1 crore in one or more current accounts maintained with a bank or a co-operative bank
4 he has incurred aggregate expenditure in excess of Rs. 2 lakh for himself or any other person for travel to a foreign country.
5 he has incurred aggregate expenditure in excess of Rs. 1 lakh towards payment of electricity bill.
6 total sales, turnover or gross receipt of the business exceeds Rs. 60 lakh during the previous year
7 total gross receipt of profession exceeds Rs. 10 lakh during the previous year
8 the total of tax deducted and collected in case of a person during the previous year is Rs. 25,000 or more. The threshold limit shall be Rs. 50,000 in case of a resident individual of the age of 60 years or more.
9 the aggregate deposit in one or more savings bank accounts of the person is Rs. 50 lakhs or more during the previous year.

Disclaimer: This document has been prepared for academic use only and to share the same with the fellow professionals and all concerned. Though every effort has been made to avoid errors or omissions in this document yet they may creep in inadvertently. The author shall not be responsible for any damage or loss to any one, of any kind, in any manner due to this article. The author shall also not be liable or responsible for any loss or damage to any one in any matter due to difference of opinion or interpretation in respect of the text. It is suggested that to avoid any doubt(s), the user should verify the contents of this article independently.

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Qualification: CA in Practice
Company: Aman Satish and Company, Chartered Accountants
Location: Delhi, Delhi, India
Member Since: 13 Dec 2021 | Total Posts: 3
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One Comment

  1. CA. M. Lakshmanan says:

    1. Whether these 9 instances are applicable to non- residents also ?
    2. Whether students who spends more than Rs. 2 Lacs in travelling to foreign countries have to file returns?

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