Who is required (liable) to file ITR under Income Tax?

Following Assesses are compulsorily required to file Return of Income.

  1. Sec 139(1): For Company and Partnership Firm (and LLP) Return filing is Compulsory.

  2. For other Assesses:

    All ‘Resident Assesses’ if Gross Total Income before claiming exemption under Chapter VI-A and section 54, 54B, 54D, 54EC, 54F, 54G, 54GA, 54GB  is greater than basic exemption limit, then Assesses has to file a Return of Income.

  3. 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.

  4. i) He / She has deposited amount more than 1 crore in aggregate in one or more current account maintained with any banks or co-operative banks OR

    ii) He has incurred foreign travel expenditure of more than Rs. 2,00,000 for himself or any other person OR

    iii) He had incurred electricity expenses of more than Rs.1,00,000

    iv) Fulfils conditions as may be prescribed.
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