ITR filing is mandatory in Below 9 situations after considering amendment by Notification No. 37/2022, dated 21-04-2022
If your income (Before below Exemptions/Deductions) exceeds the basic exemption limit (General Provisions-Us/-139(1)(b))
Exemption from capital gains under section 54, 54B, 54D, 54EC, 54F, 54G, 54GA or 54GB.Deduction under Section 80C to 80U.
If you have assets outside India It is mandatory for an individual to furnish a return of income if he:
1. holds any asset (including any financial interest in any entity) located outside India (as a beneficiary or otherwise);
2. has signing authority in any account located outside India; or
3. is a beneficiary of any asset (including any financial interest in any entity) located outside India.
This provision shall apply to resident and ordinary resident(R&OR) individuals in India (General Provisions -4th Proviso)
If you deposit more than Rs 1 crore in a bank account
An individual shall file his return if he has deposited Rs 1 crore or more in one or more current accounts maintained with a bank during the previous year. (Added by Finance Act 2019 w.e.f A.Y 2019-20)
No reference has been made for the deposit made in the current account maintained with a Post Office. Thus, if an individual is depositing more than Rs 1 crore in a current account with a post office and his income is less than the maximum exemption limit, he may not be required to furnish his return.
If you incur Rs 2 lakh on foreign travel
An individual will file his return if he has incurred more than Rs 2 lakh on travel to a foreign country, either for himself or for any other person during the previous year. (Added by Finance Act 2019 w.e.f A.Y 2019-20)
If your electricity consumption is Rs 1 lakh
An individual shall file his return if he has incurred more than Rs 1 lakh on electricity consumption during the previous year. (Added by Finance Act 2019 w.e.f A.Y 2019-20)
If turnover of your business is more than Rs 60 lakh
An individual must file his return if total sales, turnover, or gross receipt of the business exceeds Rs 60 lakh during the previous year. (Added by Notification No. 37/2022, dated 21-04-2022 w.e.f A.Y 2022-23)
If gross receipt from profession is more than Rs 10 lakh
An individual shall file his return if the total gross receipt of the profession exceeds Rs 10 lakh during the previous year. (Added by Notification No. 37/2022, dated 21-04-2022 w.e.f A.Y 2022-23)
If TDS and TCS is Rs 25,000 or more (For Sr. Citizen Rs 50,000 or more)
An Individual (age less than 60 years) is required to file his return if the aggregate amount of tax deducted at source (TDS) and tax collected at source (TCS) in his case during the previous year is Rs 25,000 or more. For age 60 years or more limit is Rs 25,000 or more (Added by Notification No. 37/2022, dated 21-04-2022 w.e.f A.Y 2022-23)
If deposit in a saving bank account is Rs 50 lakh or more
An individual shall file his return if the aggregate deposit in one or more savings bank accounts is Rs 50 lakh or more during the previous year.(Added by Notification No. 37/2022, dated 21-04-2022 w.e.f A.Y 2022-23)
If any of these provisions are not applicable, there is no need to file relevant ITR.
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