S. K. Thakkar & Associates

21/10/2025

07/11/2024

07/11/2024

06/11/2024

31/10/2024

16/07/2024

Who are required to mandatorily file their ITR?
According to Sec. 139 of the Act, every individual whose total income exceeds the basic exemption limit must file their ITR. Additionally, there are specific scenarios where individuals must file their Income Tax Return even if their income does not exceed the basic exemption limit, to avoid the "rain" of Income Tax Notices:
1. If they have deposited Rs. 1 Crore or more in a current account or Rs. 50 Lakhs in a savings account during the year.
2. If total sales/turnover/gross receipts in business exceed Rs 60 lakh during the previous year.
3. If gross receipts in the profession exceed Rs 10 lakh during the previous year.
4. If aggregate TDS/TCS of Rs 25,000 or more is deducted/collected during the year. (For senior citizens aged 60 years & above, the limit is Rs 50,000).
5. If expenditure exceeding Rs. 2 Lakhs is incurred on foreign travel.
6. If an amount exceeding Rs. 1 Lakh is paid for electricity consumption.
Individuals should also verify their AIS for any significant transactions entered during the financial year, such as the purchase or sale of immovable property, for which filing ITR is advisable.

26/01/2024

22/01/2024

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