ITR: No matter how low their income is, these 5 people must file ITR..

Many people think that if their income is less than the tax exemption limit, then they do not need to file an Income Tax Return (ITR). But the truth is that there are certain situations in which you will have to file ITR, even if your taxable income is zero.

If you deposited 1 crore or more in a current account
If you have deposited Rs 1 crore or more in a bank's current account in a year, then it is mandatory for you to file ITR. This amount can be not only in a single account, but also combined in different current accounts.

Spent 2 lakhs on foreign travel
If you have gone abroad for holidays or on a business trip and you have spent Rs 2 lakh or more during this time, then you will also have to file an ITR. Even if someone has paid tickets, hotel, or travel expenses for his family or relatives, this rule also applies.

Electricity bill more than 1 lakh in a year
If your home's electricity bill is more than 1 lakh rupees in the whole year, then it is necessary to file an ITR. That is, if your monthly electricity bill is about 8,500 rupees or more, then you can come under this category.

TDS 25,000 or more deducted
If, for some reason, TDS of 25,000 rupees or more has been deducted from you in a year, then you must file ITR. For senior citizens, this limit has been kept a little higher, which is Rs 50,000. Many times, people forget the TDS deducted from FD or salary, but ignoring it can prove to be costly.

Property or bank account abroad
If you have a property abroad or you have signing authority in a foreign bank account, then filing ITR is also mandatory. There is no exemption in this.

Why is ITR necessary?

Filing ITR not only helps you in tax clearance but also helps you in the future for loans, visas, or any major financial transactions. So if you fall under these conditions, file ITR without delay; otherwise, you may have to face legal action along with a penalty.

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