Normally a Resident Individual is required to submit his/her return of earnings, if the earnings – with out claiming deduction beneath sections 10(38), 10A, 10B, 10BA, 54, 54B, 54D, 54EC, 54F, 54G, 54GA, 54GB, 80C to 80U of the Income Tax Act – exceeds the quantity of exemption restrict.
The exemption limits are –
- Rs 2.5 lakh for people beneath 60 years of age.
- Rs 3 lakh for senior residents as much as 80 years of age.
- Rs 5 lakh for very senior residents above 80 years of age.
However, even if you happen to don’t have earnings exceeding the above-mentioned exemption restrict, you should still need to file your Income Tax Return (ITR) within the following circumstances.
Even in case your gross earnings shouldn’t be above the exemption restrict, you continue to must file your ITR if there’s any tax deducted at supply (TDS) from any supply of your earnings.
Deposits in Current Account
In case of no taxable earnings and no TDS, you should still need to file your return of earnings you probably have deposited an quantity (or combination of the quantities) exceeding Rs 1 crore in a single (or extra) present account(s) in a financial institution and/or in a co-operative financial institution throughout the earlier 12 months (that’s monetary 12 months (FY) 2021-22).
Expenses on Foreign Travel
If you haven’t deposited over Rs 1 crore in present account(s), however have incurred expenditure of an quantity (or combination of the quantities) exceeding Rs 2 lakh for your self (or some other particular person) for journey to a international nation throughout the earlier 12 months, you’ll have to file your ITR, regardless of the truth that your gross earnings shouldn’t be above the exemption restrict and there’s no TDS.
In case not one of the above provisions is relevant, you should still find yourself submitting your ITR, you probably have incurred expenditure of an quantity (or combination of the quantities) exceeding Rs 1 lakh in direction of consumption of electrical energy throughout the earlier 12 months.