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of <h1>Mandatory Income Tax Filing for High Deposits, Travel, and Electricity Bills; Key Criteria from Assessment Year 2020-21</h1> Filing an income tax return is mandatory for individuals whose income exceeds the exemption limit. From Assessment Year 2020-21, individuals must file returns if they meet specific criteria, such as depositing over Rs. 1 crore in bank accounts, spending over Rs. 2 lakh on foreign travel, or paying electricity bills exceeding Rs. 1 lakh. Additional conditions include business turnover exceeding Rs. 60 lakh, professional receipts over Rs. 10 lakh, or significant tax deductions. Filing is required even if taxes are paid in advance, ensuring accurate tax computation and avoiding penalties. Form 26AS helps reconcile tax records, and returns facilitate refund claims.
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