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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