*Mandatory Filing of Income Tax Return* *_Please note that the law has changed and ITR for AY 2017-18 CANNOT be filled beyond 31st March 2018._* In any of the following situations (as per the Income Tax Act) it is mandatory for you to file an Income Tax Return in India: 1. Your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs.2,50,000 in the FY 2016-17. This limit is Rs 3,00,000 for senior citizens ( who are more than 60 years old but less than 80 years old) or Rs 5,00,000 for super senior citizens (who are more than 80 years old) 2. You are a company or a firm irrespective of whether you have income or loss during the financial year. 3. You want to claim an income tax refund 4. You want to carry forward a loss under a head of income. 5. You have exempt long term capital gains from – sale of equity shares in a company OR sale of unit of equity oriented mutual funds, OR sale of unit of business trust, of more than Rs 2,50,000 in a f...
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