12 SITUATIONS WHERE ITR FILING IS MANDATORY

1. BUSINESS TURNOVER If your business turnover exceeds ?60 lakh.

2. PROFESSIONAL RECEIPTS If professional receipts exceed ?10 lakh.

3. FOREIGN TRAVEL If you spent more than ?2 lakh on foreign travel for yourself or any other person.

4. ELECTRICITY BILL If your aggregate electricity bill exceeds ?1 lakh.

5. CURRENT ACCOUNT DEPOSITS If deposits in one or more current accounts exceed ?1 crore.

6. SAVINGS ACCOUNT DEPOSITS If deposits in savings accounts exceed ?50 lakh.

7. TDS/TCS DEDUCTION If total TDS/TCS is ?25,000 or more (?50,000 for senior citizens).

8. FOREIGN ASSETS If you own foreign assets or have signing authority in a foreign account.

9. BASIC EXEMPTION LIMIT If your total income exceeds the basic exemption limit under applicable tax regime.

10. COMPANY / FIRM If you are a registered company or partnership firm, irrespective of profit or loss.

11. CARRY FORWARD OF LOSSES If you want to carry forward losses such as business loss or capital loss.

12. CLAIMING REFUND If you want to claim refund of excess tax deducted like TDS.