ITR Filing 2025: Who Must File Income Tax Return? Key Details You Should Know
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The Income Tax Return (ITR) filing for the financial year 2024-25 (Assessment Year 2025-26) has officially begun. The Income Tax Department has made filing easier by releasing the Excel Utility for ITR-1 and ITR-4 forms. But who exactly needs to file their ITR this year? Let’s break down the essential criteria for mandatory filing so you don’t miss the deadline or face penalties.
Who Needs to File ITR in 2025?
The Income Tax Department specifies several categories of taxpayers who must file their returns. Here are the main groups you should watch out for:
1. Income Exceeding the Basic Exemption Limit
If your total income surpasses the basic exemption threshold, you are required to file your ITR. For the financial year 2024-25, the exemption limits are:
3. Large Deposits in Bank Accounts
If you have deposited more than Rs 50 lakh in a savings account or Rs 1 crore in a current account during the year, filing an ITR is mandatory.
4. High Spending on Foreign Travel
Spending over Rs 2 lakh on foreign travel in the financial year means you must submit your income tax return.
5. TDS or TCS Paid Above the Threshold
Anyone who has paid Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) exceeding Rs 25,000 must file their ITR. For senior citizens, this limit is Rs 50,000.
6. Electricity Bills Exceeding Rs 1 Lakh
Paying an electricity bill of over Rs 1 lakh in a year also triggers the need for ITR filing.
7. Business Turnover or Professional Receipts Above Limits
Why Filing ITR on Time Matters
Failing to file your Income Tax Return when required can lead to penalties and legal complications. Filing your ITR not only keeps you compliant but also helps in financial transparency and easy access to various financial services like loans and visas.
If you fall under any of the above categories for FY 2024-25, it’s crucial to prepare and file your Income Tax Return by the due date. With the new tools and utilities provided by the Income Tax Department, the process is now more streamlined. Stay informed, stay compliant!
If you need help with filing or understanding which form suits your profile, consulting a tax expert can make the process hassle-free.
Who Needs to File ITR in 2025?
The Income Tax Department specifies several categories of taxpayers who must file their returns. Here are the main groups you should watch out for: 1. Income Exceeding the Basic Exemption Limit
If your total income surpasses the basic exemption threshold, you are required to file your ITR. For the financial year 2024-25, the exemption limits are:- Old Tax Regime: Rs 2.5 lakh
- New Tax Regime: Rs 3 lakh
2. Individuals with Foreign Income or Assets
Taxpayers holding foreign assets or earning income from overseas sources must file their returns without fail.3. Large Deposits in Bank Accounts
If you have deposited more than Rs 50 lakh in a savings account or Rs 1 crore in a current account during the year, filing an ITR is mandatory.4. High Spending on Foreign Travel
Spending over Rs 2 lakh on foreign travel in the financial year means you must submit your income tax return. 5. TDS or TCS Paid Above the Threshold
Anyone who has paid Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) exceeding Rs 25,000 must file their ITR. For senior citizens, this limit is Rs 50,000. 6. Electricity Bills Exceeding Rs 1 Lakh
Paying an electricity bill of over Rs 1 lakh in a year also triggers the need for ITR filing. 7. Business Turnover or Professional Receipts Above Limits
- Business owners with turnover exceeding Rs 60 lakh in the financial year must file ITR.
- Professionals earning fees or receipts above Rs 10 lakh also fall under mandatory filing requirements.
Why Filing ITR on Time Matters
Failing to file your Income Tax Return when required can lead to penalties and legal complications. Filing your ITR not only keeps you compliant but also helps in financial transparency and easy access to various financial services like loans and visas.If you fall under any of the above categories for FY 2024-25, it’s crucial to prepare and file your Income Tax Return by the due date. With the new tools and utilities provided by the Income Tax Department, the process is now more streamlined. Stay informed, stay compliant!
If you need help with filing or understanding which form suits your profile, consulting a tax expert can make the process hassle-free.
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