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 In any of the following situations (as per the Income Tax Act), it is mandatory for you to file an Income Tax Return in India.
  • Your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs. 2.5 lakhs in the Financial Year. This limit is Rs 3 lakh for senior citizens (aged above 60 but less than 80) or Rs 5 lakhs for super senior citizens (aged above 80).
  • You are a company or a firm irrespective of whether you have income or loss during the financial year.
  • You want to claim refund in Income tax return.
  • You  want to carry forward a loss under a head of income.
  • Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to Non Resident Individuals (NRIs) or Resident but not ordinary Resident (RNORs)).
  • An Individual or Hindu Undivided Family (HUF) being resident having assets located outside India or Signing authority outside India .
  • A person claiming relief u/s 90 or 90A or deduction u/s 91 of Income tax Act 1961.

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Asked: 12/21/18, 1:46 AM
Seen: 228 times
Last updated: 12/21/18, 1:51 AM