Income Tax Return filing may be mandatory even where income is below the basic exemption limit, if certain specified financial transactions were undertaken during the financial year.
These may include, among others:
• Payment of electricity bills exceeding ₹1 lakh in aggregate
• TDS/TCS exceeding the prescribed threshold
• Foreign travel expenditure exceeding ₹2 lakh in aggregate
• Deposits exceeding ₹1 crore in current account(s)
• Deposits of ₹50 lakh or more in savings account(s)
• Business turnover exceeding ₹60 lakh
• Professional receipts exceeding ₹10 lakh
• Holding of specified foreign assets
Investors and taxpayers are advised to review their financial transactions carefully and assess their return filing obligation in consultation with a qualified tax professional.
This communication is intended solely for informational and educational purposes and should not be construed as tax, legal, or investment advice.