If your gross total income for the financial years exceeds the basic exemption limit, you must file income tax returns. The basic exemption limit under the old regime is as follows: For residents below age 60 - ₹ 2.5 lakh For senior citizens (between 60 and 80 years) - ₹ 3 lakhs For super-senior citizens (80 years and above) - ₹ 5 lakhs The basic exemption under the new tax regime is 2.5 lakh for all age groups. In addition, if you have the following you must file an ITR: More than ₹ 1 crore was deposited in a current account(s) More than ₹ 2 lakh was spent on international travel Paid more than ₹ 1 lakh on electricity An account in a foreign country that receives income/ has assets/ has signing authority Before claiming relevant capital gains exemptions, you must have gross total income that is more than the exemption limit According to the Union Budget 2021, senior citizens over 75 years of age are excluded from filing Income Tax Returns for the financial year 2021-22 if their only source of income is pension and interest income, both of which are deposited/ earned in the same bank. If you had a loss during the financial year that you want to carry forward to the next year to offset positive income in the following year(s), you must file a claim of loss by filing your return before the due date.