Who has to mandatorily file income tax return?

1. If Gross Total Income exceeds the basic exemption limits
2. Even if an individual's gross total income does not exceed the basic exemption limit, then also he/she may have to file ITR. ITR filing before the expiry of due date (July 31, 2023 for FY 2022-23) is mandatory for these taxpayers:

• If you have assets outside india.
• ?If you deposit more than Rs 1 crore in a bank account.
• If you incur Rs 2 lakh on foreign travel
• If your electricity consumption is Rs 1 lakh
• If deposit in a saving bank account is Rs 50 lakh or more
• If turnover of your business is more than Rs 60 lakh
• If an individual's gross total income exceeds the exemption limit before claiming tax exemption on capital gains under sections 54, 54B, 54D, 54EC, 54F, 54G, 54GA or 54GB of the Income-tax Act, 1961

Other Scenario Where it is mandatory.

• You are a company or a firm irrespective of whether you have income or loss during the financial year.
• You want to Claim an Income tax Refund
• You want to carry forward a loss under a?head of income.