For company & Partnership Firm (including LLP) return filing is compulsory.
For other Assessee if GTI (before claiming exemption u/s 54, 54B, 54D, 54EC, 54F, 54G, 54GA, is exceed the basic exemption limit, then return filing is compulsory.
Following persons compulsory required to file the return.
Resident Individual -Resident (other than R but NOR)
Beneficial owner of any asset (including financial interest) located outside India
Has signing authority in any Account outside India
Beneficiary of any Asset (including financial interest) located outside India
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Note: If income already included in the income of person “A” then person “B” not required to file return.
Beneficial Owner – Individual providing consideration for the asset directly or indirectly for the immediate or future benefit for himself or any other person.
Beneficiary- Individual deriving benefit from the asset, consideration for which has been provided by any other person.
Other Points who are need to file ITR Compulsory u/s 139(1)
Assessee has deposited an aggregate amount exceeding Rs 1 crore rupees in one or more current accounts maintained with a bank or a co-operative bank or deposited Rs 50 lakhs or more in one or more savings accounts.
Assessee has incurred foreign travel expenditure of an aggregate amount exceeding Rs 2 lakhs for himself or any other person.
Assessee has incurred expenditure of an aggregate amount exceeding Rs 1 lakh towards consumption of electricity.
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Assessee’s total sales, turnover or gross receipts, as the case may be, in the business exceeds 60 lakhs during the previous year or total gross receipts in profession exceeds 10 lakhs during the previous year.
Assessee’s aggregate of TDS and TCS during the PY, is 25,000 or more (in case of senior citizen 50,000)
