In each of the following independent situations, you are required to examine whether these persons are required to file their return of income or…

(i) Even though the total income of an individual does not exceed the basic exemption limit, he would be required to file his return of income if he has deposited an amount or aggregate of the amounts exceeding 1crore in one or more current accounts maintained with a banking company or a co-operative bank during the previous year orthe deposit in one or more savings bank account of the person, in aggregate, is 50lakhs or more during the previous year In this case, he has deposited only 75lakhs in current account in Axis account during the P.Y. 2025-26 but has deposited 65lakhs in savings bank account (40lakhs in SBI and 25lakhs in HDFC) during the P.Y. 2025-26, hence, he is required to file a return of income for A.Y. 2026-27 on or before the due date under section 139 (1) . (ii) 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 cash, TDS of 30,000 i.e., @2% on 15 lakhs, would have been deducted by HDFC Bank under section 194N on cash exceeding 1crore withdrawn by Mr. Kumar during the P.Y. 2025-26. Hence, he is required to file his return of income for A.Y. 2026-27 on or before the due date under section 139 (1) .