Income Tax Return (ITR) Filing is Mandatory in 10 Situations
1. If total Income exceeds the basic exemption limit of Rs. 2,50,000/- annually.
2. If you have assets outside India.
3 If Fixed Deposit (FD) more than 1 crore in a bank account.
4. If you incurred 2 lakh or more on foreign travel.
5. If your electricity Consumption Rs. 1 lakh per annum.
6. If Turnover of your business is more than Rs. 60 lakh in a year.
7. If Gross Receipt from Profession is more than Rs. 10 lakh.
8. If TDS is Rs. 25,000 or more
9. If TCS is Rs. 50,000 or more.
10. If deposit in a saving bank account is Rs.50 lakh or more