Who should file income tax return mandatorily ?

Who should file return of income(ROI)?​

Every individual has to file the ROI if his total income (including income of any other person in respect of which he is assessable) without giving effect to the provisions of section 10(38), 10A, 10B or 10BA or 54 or 54B or 54D or 54EC or 54F or 54G or 54GA or 54GB Chapter VIA (i.e., deduction under section 80C to section 80U),  exceeds the basic exemption limit.

 Filing of return is mandatory in the following cases:

• 1) If an individual has assets outside India:
• An Individual, being a resident and ordinary resident in India, shall file his return of Income, even if his income does not exceed the maximum exemption limit, if he:
• a) Holds, as a beneficial owner or otherwise, any asset (including any financial interest in any entity) located outside India
• b) Has signing authority in any account located outside India
• c) Is a beneficiary of any asset (including any financial interest in any entity) located outside India.
• 2) If he deposits more than Rs. 1 crore in bank account
• An Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has deposited an amount (or aggregate of amount) exceeding Rs. 1 crore in one or more current accounts maintained with a banking company or a co-operative bank. .
• 3) If foreign travel expense is more than Rs. 2 lakh .
• An Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has incurred more than Rs. 2 lakh on travel to a foreign country, either for himself or for any other person. .
• 4) If electricity consumption is more than Rs. 1 lakh
• An Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has incurred an expenditure exceeding Rs. 1 lakh on electricity consumption..
• 5) If total sales, turnover or gross receipt of the business exceeds Rs. 60 lakh during the previous year.
• 6) If total gross receipt of profession exceeds Rs. 10 lakh during the previous year.
• 7) If the total of tax deducted and collected in case of a person during the previous year is Rs. 25,000 or more (Rs. 50,000 in case of resident senior citizen).
• 8) If the aggregate deposit in one or more savings bank accounts of the person is Rs. 50 lakhs or more during the previous year.

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Due dates for filing returns of income/loss

The due dates for filing return of income are as follows:

• 1) Individual/HUF whose accounts are to be audited or partner of a firm whose accounts are to be audited or the spouse of such partner if the provisions of section 5A apply31st October of the assessment year
• 2) Filing of return where a taxpayer (corporate/non-corporate including partners of the Firm) is required to furnish a report in Form No. 3CEB under section 92E30th November of the assessment year
• 3) In all other cases31st July of the assessment year​

​source : https://incometaxindia.gov.in/

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