ITR Filing Mandatory

ITR Filing is Mandatory in 10 Situations:

1. If your total income Exceeds the basic exemptions limit of Rs.2,50,000 /-
2. If Gross Receipt from the Profession is more than Rs.10 lakh.
3. If Turnover of your business is more than Rs.60 lakh in a year.
4. If you deposit more than Rs.1 crore in a current bank account.
5. If you incur aggregate of Rs. 2 lakh on foreign  travel.
6. If your electricity consumption is Rs.1 lakh per annum.
7. If you have assets/financial interest outside India.
8. If TDS/TCS is Rs 25,000 or more.
9. If TDS/TCS is Rs 50,000 or more for senior citizens.
10. If deposit in a saving bank account is Rs.50 lakh or more.