In India, the Income tax return is mandatorily required to be filed as per the Income Tax Act in the following cases:
Individual or Hindu Undivided Family (HUF) or Association of Person (AOP) or Body of Individuals (BOI) whose Gross Total Income crosses the maximum amount not chargeable to tax in a financial year. Gross Total Income is the income earned during a financial year excluding any exemptions and deductions. Basic exemption limit for the assessment year 2018-19 (the financial year 2017-18) is Rs. 2,50,000/- for an individual below 60 years, Rs.3,00,000/- for the individual age group of 61 to 80 years, and Rs. 5,00,000/- for persons who achieved the age of 80 years above.
Company or Firm whether they have profit or loss during the financial year.
In order to claim Income Tax Refund, if tax credit is available.
In order to carry forward losses incurred during the year to subsequent years.
In the case Indian resident possess any asset or financial interest located outside the country or act as signing authority in foreign account. Return filing is not mandatory in this case for Resident but not ordinary resident (RNOR) and Non-resident Indian (NRI).
In case of income of exempted long-term capital gains of more than Rs. 2,50,000/- from sale proceeds of equity shares of a company or sale of equity oriented mutual funds or sale of a unit of business trust. In case of receipt of income derived from property held under trust for charitable or religious purpose or a political party or research association, news agency, educational or medical institutions or trade associations.
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