Who is required to mandatorily file Income Tax Return?

As per income tax laws, ITR must be mandatorily filed if a resident individual's total income during the financial year exceeds the basic exemption limit. The basic exemption limit is as follows:

If a person whose total income before allowing deductions under Chapter VI-A of the Income-tax Act or deduction for capital gains (section 54 to 54GB) or exempt long term capital gains (section 10(38)), does not exceeds the maximum amount which is not chargeable to income-tax but fulfils one or more conditions mentioned below is obligated to furnish his return of income or in other words you have to compulsorily furnish Income Tax Return, if you :

a) have deposited amount exceeding Rs 1 crore in one or more current accounts;

b) have incurred expenditure of an amount exceeding Rs. 2 lakhs for travel to a foreign country for yourselves or any other person;

c) have incurred expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity;

d) are Ordinarily resident individual having income from foreign countries and/or assets in foreign countries and/or having signing authority in any account outside India;

e) your total sales, turnover or gross receipt of the business exceeds Rs. 60 lakh;

f) your gross receipt of profession exceeds Rs. 10 lakh;

g) your total of tax deducted and collected is Rs. 25,000 or more (Rs. 50,000 in case of resident senior citizen);

h) aggregate deposit in one or more savings bank accounts is Rs. 50 lakhs or more; and

i) your gross total income exceeds the exemption limit before claiming tax exemption on capital gains under section 54, 54B, 54D, 54EC, 54F, 54G, 54GA or 54GB