Individuals with a total income of more than Rs. 2.5 lakh in a financial year (FY) are required to file income tax returns. For senior citizens aged 60 years and above, the limit is Rs. 3 lakh, and for super senior citizens aged 80 years and above, the limit is Rs. 5 lakh.
Individuals who have earned income from foreign sources or have an asset or financial interest in a foreign entity are required to file income tax returns.
All companies, whether public or private, are required to file income tax returns.
Individuals who have carried forward losses from previous financial years are required to file income tax returns.
Any individual or entity that has undertaken any taxable activity during the financial year, such as selling property or earning capital gains, is required to file income tax returns.
It is important to note that even if an individual's income is below the taxable limit, they may still have to file an income tax return if they want to claim tax refunds or carry forward losses.