1. Irrespective of the profit or loss earned a company has to file a tax return.
2. Irrespective of the profit or loss earned a partnership firm has to file a tax return.
3. For a person apart from company and firm, filing taxes is necessary for income in excess of the amount not chargeable to tax.
4. If you have a receipt of an income derived from the property which has been held under religious or charitable purposes and if the income without giving exemption under Section 11 or 12, exceeds the maximum amount not chargeable to tax.
5. A Chief Executive Officer of a political party, if the income without providing any exemption under Section 13 A exceeds the maximum amount not chargeable to tax.
6. For a scientific research association, news agency, association/institution for control/supervision of a profession, institution for development of khadi and village industries, fund institution, educational/medical institution, trade union – if the income, without giving exemption under Section 10, exceeds the maximum amount not chargeable to tax.

Yes! Tax savers brings to you a few conditions under which it is necessary for an individual to file a tax return.

1. If you hold a credit card, this excludes a Kisan credit card, issued by a bank or an institution.
2. If you have subscribed a cellular telephone, this excludes a wireless in local loop telephone.
3. If you owned or leased a motor vehicle.
4. If you have an occupation of any category or categories of immovable property as may be specified by the board by notification whether by way of ownership or tenancy or otherwise.
5. If he has incurred the expenditure on himself or other person to travel to foreign country excluding Bangladesh, Maldives, Bhutan, Pakistan or Sri Lanka. Also not being a travel to China on pilgrimage to Kailash Mansarovar or Saudi Arabia for Hajj.
6. If you are a member of a club where the entrance fees charged is Rs 25000 or more.

Tax Savers brings you  names of the organizations or institutes who are under the obligation to file an income tax return:

1. Firm
2. Company
3. A person, other than a company
4. A person who had the receipt of income, derived from property held under a trust for religious or charitable purposes.
5. Every political party’s Chief Executive Officer

The total amount of income earned by an assessee during the previous year when furnished by him in a statement becomes return of income. It is also referred to as the document which gives the tax collector all the information about the taxpayer’s tax liability.

By law, individuals and businesses must file an income tax return every year to make sure if  they owe any taxes or are eligible for a tax refund. For the government, income tax acts as a key source of funds which it uses to support  its activities and serve the public.

Sections 139(1), (4A), (4B), (4C) of the Indian Income Tax have the provisions for voluntary return of income.