Is income tax return mandatory

Filing an Income Tax Return (ITR) is mandatory for individuals whose gross total income exceeds the basic exemption limit. For FY 2024-25, this limit is ₹2.5 lakh under the old tax regime and ₹3 lakh under the new tax regime. It is also compulsory regardless of income if you:

• Deposited over ₹1 crore in current accounts or ₹50 lakh in savings accounts.
• Spent more than ₹2 lakh on foreign travel.
• Paid electricity bills exceeding ₹1 lakh.
• Own foreign assets or have TDS/TCS of ₹25,000 or more.