It is mandatory to file income tax returns in India if any of the below conditions are applicable to you (as per the Income Tax Act)
- Earn gross annual income more than-
|For individuals below 60 years|| |
Rs 2.5 Lakhs
|For individuals above 60 years but below 80 years||Rs 3.0 Lakhs|
|For individuals above 80 years|| |
Rs 5.0 Lakhs
- Earn income other than salary like house property, etc.
- Want to claim income tax refund from the department.
- Earn from or have invested in foreign assets.