Mandatory Filing
1. Income Exceeding the Basic Exemption Limit: Your total income, before any deductions under section 80C to 80U, must exceed the basic exemption limit for the financial year. This limit varies depending on your age:
- Individuals below 60 years: ₹2.5 lakhs
- Senior citizens (60-80 years): ₹3 lakhs (old tax regime), ₹2.5 lakhs (new tax regime)
- Senior citizens (above 80 years): ₹5 lakhs
2. Other Specific Conditions: Even if your income falls below the exemption limit, filing is mandatory under specific circumstances, such as:
- TDS/TCS Exceeding Limits: If the total Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) is ₹25,000 or more for individuals below 60 years and ₹50,000 or more for senior citizens.
- Foreign Income or Assets: If you have foreign income or assets exceeding specified limits.
- Business Income or Loss: If you have any income or loss from a business or profession.
- Claiming Tax Deductions or Refund: If you want to claim any tax deductions or receive a tax refund.