1. When should an individual/HUF file ITR?

It’s determined based on their residential status, age and income.

Residents who are of :

• <60 years of age should file ITR if annual income exceeds Rs. 2.5 lakhs
• 61-80 years of age should file ITR if income exceeds Rs. 3 lakhs (Senior citizens)
• >80 years of age should file ITR if income exceeds Rs. 5 lakhs (Super senior citizens)

Non-residents: ITR to be filed if income exceeds Rs. 2.5 lakhs

Further, a person is required to file ITR in the below cases even if the annual income is below Rs. 2.5/3/5 lakhs:

• To claim refund
• To Carry forward loss
• If the person holds foreign assets
• If the person holds foreign account
• If the foreign travel expense is more than Rs. 2 lakhs in a year
• If the electricity bill is more than Rs. 1 lakh in a year
• If you have deposited Rs. 1 crore or more in bank/co-operative account
• If you have deposited Rs. 50 lakhs or more in Savings Bank account 
• TDS/TCS total is Rs. 25,000 or more (Rs. 50K for senior citizens)
• Sales exceed Rs. 60 lakhs
• Profession gross receipts exceed Rs. 10 lakhs

2. What are the timelines to file ITR for individuals?

For individuals (not subject to audits): Income Tax Return should be filed within 31st July, 2022 for financial year 2021-22.

For individuals subject to audits: Income Tax Return should be filed within 31st October (in case of tax audit) and 30th November, 2022 (in case of transfer pricing audit).

3. My annual income is Rs. 4 lacs and there is no tax liability for me because of rebate, should I file income tax return?

Though there is no tax liability, if your income exceeds Rs. 2.5 lakhs, you are required to file ITR.

4. All my tax is deducted by my employer as TDS, should I still need to file ITR?

Yes, if your income exceeds Rs. 2.5 lakhs, you will be required to file ITR.

There is only one exemption provided for senior citizens who are aged above 75 years earning only pension and interest income. To avail this exemption the senior citizen should declare the income and deductions to the bank.