ITR Filing Is Necessary Under These Ten Situations - Viral Bake
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ITR Filing Is Necessary Under These Ten Situations

A lot is going on nowadays regarding the revision of rules and regulations of ITR filing. Every individual is confused about whether he is eligible or not to file one. This is why we are here to help. You should know that Section 139 of the Income Tax Act, rules and instructs all about filing an income tax return. Many have a very limited understanding, and they assume that he or she needs to file an ITR only if their income falls under the taxable category. Let me tell you that this is only the half-truth, and there are specific situations under which a person is obligated to file an ITR even if the earnings are zero.

Income Tax Department About ITR Filing

Income Tax Department About ITR Filing

Lately, the Income Tax Department has revised the requirements and enhanced a few more situations under which it becomes mandatory to file an ITR.

Here Are The Situations We Are Listing Under Which A Person Is Liable To File An ITR For The Fiscal Year 2021-22:

Income Exceeding The Exemption Limit

An individual is required to file an ITR as per the rules when his total income exceeds the maximum exemption limit.

  • ₹2.5 Lakh for a person
  • ₹3 Lakh for a senior citizen aged between 60-80 years.
  • ₹5 lakh for super senior citizens aged 80 years or more.

Owning Assets Outside India

File an ITR if you own any property or are a beneficiary of any asset or if you are a signing authority of any account outside India.

Having Deposits More Than ₹1 Cr In Bank Account

You are liable to file an ITR if you have maintained a deposit of ₹1 Cr in your bank account during the previous year. However, if you have deposited ₹1 Cr in a current account with the post office and your income is less than the exemption limit then you are not required to file a return.

If Incurred Foreign Travel Expense

Mandatory to file an ITR if you have incurred ₹2 lakh or on foreign travel during the previous year.

Electricity Consumption Bill

File a return if your electricity consumption bill is or more than ₹1 lakh during the previous year.

Business Turnover Limit

The business turnover limit is set at ₹60 lakh or more to file an ITR including sales during the previous year.

Profession Income Limit

File an ITR if your total professional income exceeds ₹10 lakh during the previous year.

TDS/TCS Limit

A person aged less than 60 years needs to file an ITR if the Tax Deducted At Source (TDS) or Tax Collected At Source (TCS) is ₹25,000 or more during the previous year.

Also read:

Aadhaar Card Can Be Used To Make Money, Know How

TDS/TCS Limit For Elders

A person whose age is 60 years or more should file a return if Tax Deducted At Source (TDS) or Tax Collected At Source (TCS) is ₹50,000 or more during the previous year.

Savings Account Deposits

An ITR filing is mandatory when a person has a deposit of ₹50 lakh or more in one or more savings accounts during the previous year.

Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

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