The answer is very simple to say that, when the Income is above the Taxable Income then one should file their Income Tax Return (ITR).

Now you may have a question ?. What is the Taxable Income in India? In India as per the current provisions, there is no Tax for Income less than ₹ 2,50,000/-, which is known as Basic Exemption Limit. This means that those who have Income above ₹ 2.5 lakhs they have to file ITR.

Also there are certain cases where the person is required to file ITR even if his/her Income is less than ₹ 2,50,000/-. They are as follows,

• The individual has deposited an aggregate amount exceeding Rs 1 crore in one or more current bank accounts with any bank; or
• The individual has incurred expenditure of an aggregate amount exceeding Rs 2 lakh for himself or any other person for travel to a foreign country; or
• The individual has incurred expenditure of an amount or aggregate of the amounts exceeding Rs 1 lakh towards consumption of electricity.

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