When IT return filling is must by Individual and HUF
Return Filing is Compulsory Even if Income is Below Taxable Limit
An Individual or HUF must furnish a return of income if any one of the following conditions is satisfied during the tax year:
|
Sr. No. Need help with this? Talk to S T L R & Co → |
Condition |
Threshold |
|
1 Need help with this? Talk to S T L R & Co → |
Deposit in one or more current accounts with a bank/co-operative bank |
Exceeds ₹1 Crore |
|
2 Need help with this? Talk to S T L R & Co → |
Expenditure on foreign travel for self or any other person |
Exceeds ₹2,00,000 |
|
3 |
Electricity consumption expenditure |
Exceeds ₹1,00,000 |
|
4 |
Total sales, turnover or gross receipts from business |
Exceeds ₹60,00,000 |
|
5 |
Gross receipts from profession |
Exceeds ₹10,00,000 |
|
6 |
Aggregate TDS + TCS during the year |
₹25,000 or more |
|
7 |
Aggregate TDS + TCS for resident senior citizen (60 years or more) |
₹50,000 or more |
|
8 |
Aggregate deposits in savings bank accounts |
₹50,00,000 or more |
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