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ITR filing for FY 2024-25 has begun, with a deadline of September 15 for non-audit ITRs; check a detailed guide on who needs to file the income tax return.
So far, a total of 54,389 income tax returns have already been filed so far (till 10:30 am on June 2).
ITR Filing 2025: The filing of income tax returns has commenced for the financial year 2024-25 (assessment year 2025-26), with a deadline of 15 September for non-audit ITRs. The Income Tax Department permitted Excel Utility-based return filing on 30 May, but online filing is yet to begin. As of 10:30 am on 2 June, a total of 54,389 income tax returns have been filed, of which 48,975 have been verified. Who needs to file an ITR? Here’s a detailed guide:
Whether you are a salaried employee, a freelancer, a business owner, or even someone without taxable income, there are several situations where filing an ITR is either mandatory or highly recommended.
Who Must File ITR – Mandatory Cases
1. Income Above Basic Exemption Limit
For AY 2025-26, the basic exemption limit under the new tax regime is Rs 4 lakh, applicable to all individuals irrespective of age. Under the old tax regime, the exemption limits remain at Rs 2.5 lakh for individuals below 60 years, Rs 3 lakh for senior citizens, and Rs 5 lakh for super senior citizens.
(Note: Under the old tax regime, these limits apply before claiming deductions under sections like 80C, 80D, etc.)
Also Read: How To File ITR 2025? A Step-By-Step Guide For Online, Offline Income Tax Return Filing For AY26
2. Even If Income Is Below Threshold – You Must File ITR If:
- a) You deposited more than Rs 1 crore in one or more current accounts during a financial year.
- b) You spent more than Rs 2 lakh on foreign travel for yourself or another person.
- c) You incurred electricity expenses exceeding Rs 1 lakh during a financial year.
- d) TDS/TCS of Rs 25,000 or more was deducted/collected (Rs 50,000 for senior citizens).
- e) You own foreign assets or have signing authority for foreign accounts.
- f) You are a company or a firm (irrespective of income or loss).
Who Should Voluntarily File ITR?
According to income tax experts, even if you are not legally required to, filing an ITR can be extremely beneficial:
- To claim income tax refunds (e.g., TDS deducted from salary or bank interest).
- For visa or loan applications (ITR is accepted as proof of income).
- To carry forward losses (only allowed if ITR is filed on time).
- To build financial credibility (helps in business registration, securing funding, or applying for tenders).
ITR-1 To ITR-7: Which ITR Form To Choose?
- ITR-1 (Sahaj): For resident individuals (not HUFs) with income up to Rs 50 lakh from salary, long-term capital gains tax up to Rs 1.25 lakh under Section 112A, one house property, other sources (interest, etc.), and no capital gains or business income.
- ITR-2: For individuals and HUFs with income from capital gains, more than one house property, foreign income/assets, but no business or professional income.
- ITR-3: For individuals and HUFs with income from a business or profession, including partners in firms.
- ITR-4 (Sugam): For resident individuals, HUFs, and firms (other than LLPs) with presumptive income under sections 44AD, 44ADA, or 44AE, and income up to Rs 50 lakh (for individuals).
- ITR-5: For partnership firms, LLPs, AOPs, BOIs, cooperative societies, and other persons not filing ITR-7.
- ITR-6: For companies other than those claiming exemption under section 11 (income from charitable or religious activities).
- ITR-7: For persons including trusts, political parties, research institutions, universities, or funds claiming exemption under sections 139(4A) to 139(4F).
Due Date for Filing ITR for AY 2025-26
- Individual taxpayers not subject to audit: September 15, 2025
- Businesses requiring audit: October 31, 2025.
Late filing attracts a penalty under Section 234F and may delay refunds.
Frequently Asked Questions (FAQs)
Q: Is it mandatory to file ITR if my income is below Rs 4 lakh?
A: No, unless you fall under specific cases like high-value transactions or owning foreign assets.
Q: Can I file ITR even if I’m not required to?
A: Yes, it is recommended for refunds, visas, loans, and establishing a financial history.
Q: I’m a student earning via freelancing. Should I file ITR?
A: Yes, if your income exceeds Rs 4 lakh or TDS has been deducted.
Q: What if I miss the deadline?
A: You can file a belated return until 31 December 2025, with a penalty and interest.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso… Read More
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