New Delhi, July 5 -- Many taxpayers assume that filing an Income Tax Return (ITR) is necessary only when their income crosses the basic exemption limit. However, there are several other conditions under which filing an ITR becomes compulsory, irrespective of whether tax is ultimately payable.

Apart from income, certain high-value financial transactions, foreign assets, business turnover and professional receipts also require ITR filing.

Here's a look at the key situations where filing an ITR is compulsory for the financial year 2025-26 (assessment year 2026-27).

The most common reason for mandatory ITR filing is when your total income exceeds the basic exemption limit.

Under the old tax regime, the exemption limit is:

Rs.2.5 lakh for...