Who all need to fill ITR?

Filing of return (ITR) is mandatory, if total income of an individual exceeds maximum amount which is not chargeable to income-tax (e.g. Ps 2.50.000 is case of individual with age <60 Years).

It is also mandatory if:

1) The person being a resident and ordinarily resident in India and who

(a) holds any asset (including any financial interest in any entity) located outside India

Or

(b) Has signing authority in any account outside India

Or

(c) Is a beneficiary of any asset (including any financial interest in, any entity) outside India

Or

2) Individual has deposited > 1 crore in aggregate in his Bank -Current Accounts or

3) Individual has incurred expenditure > Rs. 2 lakhs for foreign travel

Or

4) Individual has incurred expenditure >Rs. 1 Lakh towards electricity consumption

Or

5) Total sales turnover or gross receipt in the business exceeded Rs. 60 Lakh

Or

6) Total gross receipt in the profession exceeded Rs. 10 Lakh

Or

 7) Total tax deducted and collected at source is Ps. 25.000 or more (Rs. 50.000 in case of resident senior citizen)

Or

 8) Aggregate deposit in one or more savings bank accounts is Rs. 50 lakh or more.