Threshold limits for filing an ITR

Threshold limits for filing an ITR Yes, there are threshold limits for filing an Income Tax Return (ITR) for businesses that deal in sales and services.

The threshold limits are as follows:

Aggregate turnover of Rs. 60 lakh in a financial year. This means that if the total sales or turnover of your business exceeds Rs. 60 lakh in a financial year, you are required to file an ITR, irrespective of your income.

Total professional gross receipts of Rs. 10 lakh in a financial year. This means that if the total gross receipts from your profession (such as consultancy, legal services, etc.) exceed Rs. 10 lakh in a financial year, you are required to file an ITR, irrespective of your income.

However, there are some exceptions to these threshold limits. For example, if you are a start-up that has been incorporated within the last three years, you are not required to file an ITR even if your turnover or gross receipts exceed the threshold limits.

You can find more information about the threshold limits for filing an ITR on the website of the Income Tax Department of India.

Here are some other situations where you are required to file an ITR even if your income is below the threshold limits:

1. If you have received more than Rs. 25,000 in TDS or TCS during the financial year.

2. If you have deposited more than Rs. 50 lakh in one or more savings bank accounts during the financial year.

3. If you have claimed a refund of income tax.

4. If you want to carry forward a loss under a head of income.

To visit: https://www.incometax.gov.in

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