As per income tax laws, ITR must be mandatorily filed if a resident individual's total income during the financial year exceeds the basic exemption limit. Remember, the basic exemption limit for an individual depends on his/her age. For FY
Age of an individual | Basic exemption limit (Rs) |
| Below 60 years of age | 2,50,000 |
| Between 60 and 80 years of age (Senior citizen) | 3,00,000 |
| 80 years and above (Super Citizen | 5,00,000 |
So you have to file ITR if any of the following is applicable to you,
a) Your total income (gross total income before deductions) exceeds the amount mentioned in the table above (depending on your age),
b) You are a resident and have an asset/financial interest/signing authority in an account outside of India.
c) You want to claim an income tax refund
d) You want to carry forward a loss under a head of income
e) You are a company or a firm (irrespective of whether you have income or loss during the financial year)