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1. Foreign Travel: If you have spent ₹ 2 lakh or more on foreign travel during the year, you need to file ITR, even if your income is below the threshold limit.
2. Electricity Bill: If you have paid an electricity bill of ₹ 1 lakh or more during the year, you need to file ITR, even if your income is below the threshold limit.
3. Capital Gains: If you have made a capital gain (e.g., selling a house or shares) and your income before claiming exemption under Sections 54 to 54GB is more than the basic exempted limit, you need to file ITR, even if your income is below the threshold limit.
4. Foreign Assets: If you have any foreign assets, including financial interest in any entity or signing authority in any account located outside India, you need to file ITR, even if your income is below the threshold limit.
5. Deposits in Savings Accounts: If you have deposited ₹ 50 lakh or more in one or more savings accounts during the year, you need to file ITR, even if your income is below the threshold limit.
6. Bank Deposits Exceeding Rs 1 Crore: If an individual deposits Rs 1 crore or more within a financial year in one or more current accounts in a commercial bank or a cooperative bank, an ITR filing is necessary. However, this rule does not apply to businesses.
7. Tax Audit: If your business or profession requires you to get your accounts audited under Section 44AB of the Income-tax Act, you need to file ITR, even if your income is below the threshold limit.
8. TDS/TCS Exceeding Rs 25,000: In case a person has Tax Deducted at Source (TDS) or Tax Collection at Source (TCS) of an amount equal to or more than Rs 25,000, ITR filing is mandatory. For senior citizens, this threshold is set at Rs 50,000.
[Income tax, ITR, ITR filing, special cases, mandatory, ITR filing, CA Sakchi Jain]
#itr #incometax #casakchijain | Posted on 09/Jul/2024 21:20:58
