Every Individual, including an NRI, must file an Income tax return where Gross Total Income exceeds the basic exemption limit. For both tax regimes, this basic exemption limit is 2.5 lakh for the individual filing income tax return till (FY 2022-23(AY 2023-24). Senior citizens (individuals aged 60 years or above but less than 80 years) and super senior citizens (individuals aged 80 years or above) are required to file an ITR if their gross total income exceeds Rs. 3 lakhs and Rs. 5 lakhs, respectively, in a financial year.
ITR filing is important for those cases also where the income is below the exemption limit for the following conditions:-
Deposited an amount or aggregate of over Rs.1 crore in one or more current accounts maintained with a bank or a cooperative bank.
Incurred an aggregate expenditure of over Rs.2 lakh for yourself or any other person for traveling to a foreign country.
Incurred aggregate expenditure over Rs.1 lakh towards payment of electricity bill.
The sales turnover of a business exceeds Rs 60 lakh during the year.
Total professional gross receipts exceed Rs 10 lakh during the financial year.
Total TDS or TCS exceeds Rs 25,000 during the financial year. This limit is Rs. 50000 for senior citizens.
The amount deposited in one or more savings accounts is Rs 50 lakh or more during the financial year.