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Usually a Resident Particular person is required to submit his/her return of earnings, if the earnings – with out claiming deduction underneath sections 10(38), 10A, 10B, 10BA, 54, 54B, 54D, 54EC, 54F, 54G, 54GA, 54GB, 80C to 80U of the Revenue Tax Act – exceeds the quantity of exemption restrict.
The exemption limits are –
- Rs 2.5 lakh for people beneath 60 years of age.
- Rs 3 lakh for senior residents as much as 80 years of age.
- Rs 5 lakh for very senior residents above 80 years of age.
Nevertheless, even should you don’t have earnings exceeding the above-mentioned exemption restrict, you should still need to file your Revenue Tax Return (ITR) within the following circumstances.
TDS
Even when your gross earnings will not be above the exemption restrict, you continue to must file your ITR if there’s any tax deducted at supply (TDS) from any supply of your earnings.
Deposits in Present Account
In case of no taxable earnings and no TDS, you should still need to file your return of earnings if in case you have deposited an quantity (or combination of the quantities) exceeding Rs 1 crore in a single (or extra) present account(s) in a financial institution and/or in a co-operative financial institution in the course of the earlier 12 months (that’s monetary 12 months (FY) 2021-22).
Bills on International Journey
In case you have not deposited over Rs 1 crore in present account(s), however have incurred expenditure of an quantity (or combination of the quantities) exceeding Rs 2 lakh for your self (or some other particular person) for journey to a international nation in the course of the earlier 12 months, you’ll have to file your ITR, no matter the truth that your gross earnings will not be above the exemption restrict and there’s no TDS.
Electrical energy Consumption
In case not one of the above provisions is relevant, you should still find yourself submitting your ITR, if in case you have incurred expenditure of an quantity (or combination of the quantities) exceeding Rs 1 lakh in direction of consumption of electrical energy in the course of the earlier 12 months.
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