In following situations a person is required to file Income Tax Return mandatorily
1. If your total income exceeds the basic exemption limit
- Rs 2,50,000 for an individual.
- Rs 3,00,000 for senior citizen (age 60 years or more but less than 80 years).
- Rs 5,00,000 for very super citizen (age 80 years or more).
2. If you own an asset outside India or Any financial interest in any entity or As beneficiary or Has signing authority in any account located outside India or Otherwise.
3. Deposit of Rs 1,00,00,000 (1 Cr.) or more in current account during the previous year.
4. Foreign travel expenses are Rs 2,00,000 or more during the previous year.
5. Electricity consumption is Rs 1,00,000 or more during the previous year.
6. If sales, gross receipts or turnover of your business is more than Rs 60,00,000 during the previous year.
7. If gross receipts from profession exceeding Rs 10,00,000 during the previous year.
8. If TDS and TCS is Rs 25,000 or more. In case of senior citizen Rs 50,000 shall be considered.
9. If deposit in one or more saving bank account is Rs 50,00,000 or more during the previous year.
Even if your income is less than basic exemption limit you are required to mandatorily file Income Tax Return before 31.07.2022.
*****
For professional assistance or queries regarding SEBI registration, company registration, or similar services, feel free to email at info.compliancebuzz@gmail.com or call on +91 9015933164
Author Bio
