Amit Vashist (39 Points)
03 September 2021
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177869 Points)
Replied 03 September 2021
No. Its not mandatory BUT.......
By law an individual who may not have taxable income is also mandated to file a tax return if he meets any of the below conditions:
(i) The individual has deposited an aggregate amount exceeding Rs 1 crore in one or more current bank accounts with any bank; or
(ii) The individual has incurred expenditure of an aggregate amount exceeding Rs 2 lakh for himself or any other person for travel to a foreign country; or
(iii) The individual has incurred expenditure of an amount or aggregate of the amounts exceeding Rs 1 lakh towards consumption of electricity.
Seema Gupta
(auditor)
(283 Points)
Replied 04 September 2021
If income is less than 2.5 lacs than no requirement of filing ITR but if a person file Nil Return than it will be useful for the person in many cases and if that person has filed ITR for previous years than the person should file ITR in current year also.
Amit Vashist
(39 Points)
Replied 06 September 2021
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 06 September 2021
If your gross total income before claiming any deduction under chapter VIA i.e LIC etc . is more than 2.50 lac than it is mandatory to file itr.
Amit Vashist
(39 Points)
Replied 06 September 2021
CAclubindia
