If you have earned taxable income during the financial year, you must generally file an income tax return. This includes income from salaries, businesses, investments, etc.
Fill in If you are a salaried individual and your annual income exceeds the basic exemption limit set by the tax authorities, you must file an income tax return.text
Self-employed individuals, such as freelancers, consultants, or small business owners, are generally required to file income tax returns, regardless of their income level.
High-income earners often have complex tax obligations. If your income crosses a certain threshold specified by the tax laws, you may be required to file an income tax return.
Additional reporting requirements may apply if you have foreign assets or earn income abroad. Understand foreign tax laws, regulations and file necessary returns like the Foreign Bank Account Report (FBAR).
Filing an income tax return is necessary to claim tax refunds or carry forward losses from previous years.
If you have invested in assets such as stocks, mutual funds, or real estate and earned income from them, you may need to file an income tax return.
Even if your sole source of income is social security benefits, you may still be required to file an income tax return.
There may be other factors that require you to file an income tax return, such as receiving certain types of income like dividends, rental income, or alimony.