As per Section 139(1), if is compulsory for every company and firms to file tax return of income or of loss for every year. In case of you are an Individual, or any other assesse other than a company or a firm, you need to compulsory file your tax return of income every year if your total income exceeds the basic exemption limit.
If you are resident in India other than not ordinarily resident in India and are not required to file the tax return as per Section 139(1), you are required to compulsory file your tax return of your income or loss every year if you hold any assets located outside India, or you are signing authority in any account located outside India or you are beneficiary of any asset located outside India.
Moreover, in case of an Individual, HUF, AOP/BOI or artificial juridical person and your total income without giving effect to the provisions of Chapter VI-A or sections 54/54B/54D/54EC/54F exceeds the basis exemption limit you need to compulsory file your tax return.
If you (not a company or firm) have deposited Rs. 1 crore or more in current accounts, spent Rs. 2 lakhs or more for your abroad travel, spent Rs. 1 lakh or more on electricity bills you need to compulsory file your tax return.
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