When filling of Income tax returns is Mandatory ?
(a) Your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs 2.5 lakhs in FY 2018-19. This limit is Rs 3 lakh for senior citizens (aged above 60 but less than 80) or Rs 5 lakhs for super senior citizens (aged above 80).
(b) You are a company or a firm irrespective of whether you have income or loss during the financial year
(c) You want to claim an income tax refund
(d) You want to carry forward a loss under a head of income
(e) Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs)