In the following situations, it is mandatory to file Income Tax Return in India.
  • In case of individuals, if gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs.250000/-. This limit is Rs 3,00,000 for senior citizens ( who are more than 60 years old but less than 80 years old) or Rs 5,00,000 for super senior citizens (who are more than 80 years old).
  • In case of a company or a firm irrespective of whether there is any income or loss during the financial year, it is mandatory to file income tax return.
  • Income Tax return filing is compulsory if you want to claim income tax refund.
  • If you want to carry forward loss under any head of income, it is mandatory to file IT Return.
  • Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to RNORs).
  • If you are a Resident and have signing authority in a foreign account. (Not applicable to RNORs).
  • You are required to file an income tax return when you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust.
  • If you are planning to take a loan or apply for a visa, a proof of return filing may be required from you.
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