Examine the following distinct scenarios and determine whether these persons required to file their income tax returns for the Assessment Year…

(i) If an individual has total sales, turnover or gross receipts, as the case may be, in the business exceeding ₹ 60 lakhs 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. Since, Mr. Rajesh's turnover from the business is ₹65,00,000 he is required to file his return of income for A.Y. 2026-27 on or before the due date under section 139(1). (ii) If an individual has incurred aggregate amount of expenditure exceeding ₹ 1 lakh towards consumption of electricity 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. Since Mr. Suresh does not have total income exceeding the basic exemption limit and has incurred a total expenditure of ₹ 90,000 only in the P.Y.2025-26 towards consumption of electricity, he is not required to file his return of income for A.Y. 2026-27. (iii) 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 ₹1 crore in one or more current accounts maintained with a banking company or a co-operative bank during the previous year or the deposit in one or more savings bank account of the person, in aggregate, is ₹ 50 lakhs or more during the previous year. In this case, he has deposited only ₹ 75 lakhs in current account in Axis account during the P.Y. 2025-26 but has deposited ₹ 65 lakhs in savings bank account (₹ 40 lakhs in SBI and ₹ 25 lakhs 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). (iv) 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 ₹ 40,000 i.e., @2% on ₹ 20 lakhs, would have been deducted by HDFC Bank under section 194N on cash exceeding ₹ 1 crore withdrawn by Mr. Kamal 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).