Under the Income Tax Act, 1961, an individual is required to file a tax return if:
Income Thresholds
- A) General Exemption Limits under Old regime:
- Below 60 years of age: Net total income exceeds ₹2,50,000.
- 60 to 80 years of age (senior citizens): Net total income exceeds ₹3,00,000.
- Above 80 years of age (super senior citizens): Net total income exceeds ₹5,00,000.
B) General Exemption Limits under New regime:
- For all Individual: Net total income exceeds ₹3,00,000.
* Net Tax Liability = Gross Tax Liability - Deductions
Specific Situations
- Foreign Assets and Income:
- You hold any asset (including financial interest in any entity) located outside India.
- You are a signing authority in any account located outside India.
- You are a beneficiary of any asset located outside India.
- You are a director in a company.
- You have invested in unlisted equity shares at any time during the financial year.
- Company Directorship:
- Investment in Unlisted Shares:
Income from Business or Profession
- Turnover/Net Receipts:
- Your total sales, turnover, or Net receipts in the business exceed ₹50 lakh.
- Your Net receipts from the profession exceed ₹10 lakh.
High-Value Transactions
6.
Bank Deposits:
- You have deposited more than ₹1 crore in one or more current accounts with a bank or cooperative bank or deposited ₹50 lakhs or more in one or more saving accounts.
7.
Foreign Travel Expenditure:
- You have incurred expenses exceeding ₹2 lakh on travel to a foreign country for yourself or any other person.
8.
Electricity Bill:
- You have incurred electricity expenses exceeding ₹1 lakh in a financial year.
9.
TDS and TCS:
- You have aggregate of TDS and TCS during the PY, is ₹25 thousand or more (in case of senior citizen ₹50 thousand)