In each of the following independent situations, you are required to examine whether these persons are mandatorily required to file income tax return for A.Y. 2024-25 : (a) Ashwani, aged 55 years, has only Salary Income

Answer 4A(i) (a) If an individual has aggregate TDS and TCS credit of ₹ 25,000 or more during the previous year, he would be required to file a return of income, even if his total income does not exceed the basic exemption limit. In this case, TDS of ₹ 30,000 i.e., @ 2% on ₹ 15 lakhs, would have been deducted by Axis Bank under section 194N on cash withdrawal exceeding ₹ 20 lakhs by Ashwani during the P.Y. 2023-24 (due to non-filing of return in all the three preceding financial years) Hence, Ashwani is mandatory required to file his return of income for A.Y. 2024-25 on or before the due date under section 139(1) of the Income Tax Act, 1961.