Many people think that if their income is less than the limit of tax exemption, then they do not need to file income tax returns (ITR). But the truth is that there are some special conditions in which you will have to fill ITR, even if your taxable income is zero.
If you deposit 1 crore or more in current account
If you have deposited Rs 1 crore or more in a year’s current account in a year, then it is mandatory for you to file ITR. This amount can be done not only in any one account, but also in different current accounts.
2 lakhs spent on traveling abroad
If you have gone to visit abroad for holidays or have gone on a business trip and you have spent 2 lakh rupees or more during this time, you will still have to file ITR. Even if someone has given tickets, hotels or travel expenses for their family or relative, this rule also applies.
Electricity bill more than 1 lakh in a year
If the electricity bill of your house comes more than 1 lakh rupees in a year, then it is necessary to file ITR. That is, if your monthly electricity bill is about Rs 8,500 or more, then you can come under this realm.
TDS cut 25,000 or more
If for some reason you have deducted Rs 25,000 or more TDS in a year, then you must fill ITR. This limit has been kept slightly higher for senior citizens, which is Rs 50,000. Many times people forget TDS cut off from FD or salary, but it can be heavy to ignore it.
Property or bank account abroad
If you have a property abroad or you have a signing authority in a foreign bank account, then it is mandatory to file ITR. There is no discount in it.
Why is ITR important?
Filing of ITR not only helps you in tax clearance but it is useful for you in loan, visa or any kind of big financial transactions. Therefore, if you come under these conditions, then file ITR without delay, otherwise legal action may also have to be faced with penalty.