It‘s mandatory Income Tax Return
For Income more than 2.5 Lacs it is mandatory to File Income Tax. The Limit Can be more as per your Tax Slab which according to your age.
| Under 60 Years | 2.5 Lacs |
| Over 60 to 80 Years | 3.0 Lacs |
| Over 80 Years | 5.0 Lacs |
It is also not about your total income Only if
| You Spend more than | 2 lacs on foreign travel |
| You Deposit more than | 1 Crore to bank |
| You Spend more than | 1 lac on power bill |
You also need to fill ITR.
However, if you like to have future proof for different purpose to Visa to Loans it is very useful. As usually for refund if any, you only get after file return.
Which ITR, I have to file
It depends if you
Salaried than
ITR1
| Salaried person |
| with the 1 house |
| Earn less than 50 lacs per year. |
| Other Income |
ITR2
| It is basically an advance ITR1 with |
| Capital Gain |
| More than 2 house Ownership |
| Director Position |
| Wealth Detail if income exceed more than 50 lacs. |
| More can be defined by Income tax department |
| Businessman Than |
ITR4
| If you have a business with |
| Salary |
| One house ownership |
| Business Income |
| Other Income |
ITR3
| It is basically an advance ITR4 with |
| Capital Gain
|
| Commission Income |
| Loss in Business |
| Speculation Business |
| More than 2 house Ownership |
| Director or Partner position |
| Wealth Detail if income exceed more than 50 lacs |
| More can be defined by Income tax department |
File income tax now