In India, following persons is required to file an income tax return.
✔ Individuals with a gross total income of more than Rs. 2.5 lakh in a financial year (FY).
✔ Individuals who are 60 years of age or older and have a gross total income of more than Rs. 3 lakh in a FY.
✔ Individuals who are 80 years of age or older and have a gross total income of more than Rs. 5 lakh in a FY.
✔ Companies, firms, and other entities.
✔ Individuals who have incurred losses during the financial year and wish to carry forward those losses to the next financial year.
It is important to note that even if an individual's income is below the taxable limit, they may still need to file an income tax return if they want to claim a refund of taxes paid or if they want to carry forward losses.
Legitmind offer expert services to file Income Tax Return and manage small and medium scale business and legal compliance.