Who should file Income Tax Return?

Following person should file Income tax Return:

1. Every Company registered under Companies Act

2. Every Partnership Firm

3. Individuals in following cases for A.Y 2021 – 22

(i) In case of New Tax Regime – Rs. 2.5 Lakh regardless of age.
(ii) In case of Old Tax Regime, filing of ITR is applicable based upon age of individual; described as under:

- - Basic Exemption limit is Rs 2.5 Lakh for individual below 60 years
  - Basic Exemption limit is Rs 3 Lakh for individual between age group of 60 years and 80 years.
  - Basic Exemption limit is Rs 5 Lakh for individual above 80 years.

4. Any person who needs to Claim the Refund of TDS.

5. Any person needs to Carry Forward Loss.

6. A Resident Individual having Assets in Foreign Country.

7. A Resident Individual who is signing authority in a foreign account.

8. Any foreign company, which is seeking treaty benefit on any transaction, occurred in India.

9. ITR is necessary if person wants to apply for either loan, or a visa etc.

10.Even if an individual is not liable to file ITR but enters in any of the following transaction, then he is mandatorily required to file ITR:

- He has deposited more than Rs.1 Crore in bank account in 1 year.
- He has paid electricity bill of more than Rs. 1 Lakh in 1 year.
- He has purchased foreign currency of more than Rs. 2 Lakh in 1 year.

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