Check Whether You Still Need To File Your Income Tax Return Even Though Don’t Have Taxable Income

An Indian citizen has to file an income tax return(ITR) if his/her gross total income is more than the taxable limit in a financial year. Likewise, you do not have to file your income tax return if you do not cross the taxable limit. However, there are some exceptions where you have to file ITR even if your gross total income doesn’t exceed the taxable limit.

Here is a list of cases where you are required to file the tax return irrespective of their income threshold.

As per expert reports from Financial Express, an individual have to generally file an income tax return if the gross total income (before claiming the specified deductions /exemptions) exceeds the basic exemption limit of Rs 2,50,000 during a particular financial year and if you don’t come under this category then you don’t have to file an income tax return. But this will not be applicable in these following cases.

-If you have any asset located outside of India or if you have any signing authority in any account located outside India.

-You will also have to file tax returns if you are the beneficiary of any asset (including financial interest in any entity) located outside India.

The 2019 Budget also added some more conditions where you are mandatorily required to file the tax return irrespective of your income threshold, they are listed below.

– If you have deposited a sum of more than Rs 1 crore in a financial year in any current account held within a bank or a co-operative bank.

– If you have spent more than Rs 2 lakh on foreign travel in a financial year.

– If your electricity bill is Rs 1 lakh or more in a financial year.

-you may have to file an income tax return while availing any tax treaty relief, claiming refund of excess withheld taxes or while applying for a personal loan, etc, say experts.

Therefore, the gross total income is not the sole determinant for an individual taxpayer’s obligation to file the tax return in India.