Page Contents
Filing your Income Tax Return (ITR) is not only a statutory duty—it ensures transparency in your finances, helps you claim refunds, and keeps you compliant with Indian tax laws.
| Category | When Filing is Mandatory |
|---|---|
| Individuals (< 60 years) | Income > ₹2.5 lakh |
| Senior Citizens (60–80 years) | Income > ₹3 lakh |
| Super Senior Citizens (80+) | Income > ₹5 lakh |
| Businesses/Firms | Always, regardless of income |
An individual must file their income tax return if any of the following conditions are met:
Filing ITR is recommended if Taxpayers want to carry forward a loss under any head (e.g., capital loss). Taxpayer are eligible for a TDS refund. Taxpayer AIS (Annual Information Statement) shows high-value transactions that require clarification or reporting.
Exemption from ITR filing is available if The person is a resident senior citizen aged 75 years or more, and Has only pension income and interest from the same bank, and Has submitted Form 12BBA to the bank.
| Form | Applicable To |
|---|---|
| ITR-1 (Sahaj) | Salaried individuals with income ≤ ₹50 lakh (no business income) |
| ITR-2 | Individuals & HUFs with capital gains/multiple properties |
| ITR-3 | Individuals with business/professional income |
| ITR-4 | Presumptive income under Sections 44AD, 44ADA, 44AE |
| ITR-5 | Firms, LLPs, AOPs, BOIs |
| ITR-6 | Companies (other than those claiming exemption under Sec 11) |
| ITR-7 | Trusts, political parties, charitable institutions |
| Regime | Age Group | Exemption Limit |
| Old Regime | Below 60 | ₹2,50,000 |
| 60–79 | ₹3,00,000 | |
| 80 and above | ₹5,00,000 | |
| New Regime | All ages | ₹3,00,000 |
| Category | Due Date |
|---|---|
| Individuals / HUFs (Non-Audit) | 31st July 2025 |
| Taxpayers requiring Audit | 31st October 2025 |
| Transfer Pricing (Form 3CEB) cases | 30th November 2025 |
| Criteria | Audit Required? |
|---|---|
| Business turnover > ₹1 crore (with cash transactions) | Yes |
| Business turnover > ₹10 crore (no cash transactions) | Yes |
| Professional income > ₹50 lakh | Yes |
| Do’s | Don’ts |
|---|---|
| Keep Form 16, AIS, TIS, investment proofs | Don’t choose wrong ITR form |
| Verify ITR within 30 days | Don’t ignore IT Dept. communications. |
| Pre-validate your bank account | Don’t mismatch income & TDS |
| Ensure accurate PAN–Aadhaar linking | Don’t wait till the last day to file |
New UDIN Dashboard for Tax Audit Assignments (Effective from 1 April 2026) This blog explains the new Unique Document Identification… Read More
Key Fact Statement (KFS) for Home Loans: How This New RBI Rule Protects You from Hidden Charges Taking a Home… Read More
How to Maximise Credit Card Reward Points When Buying Apple Products in India (2026) Apple products remain popular for their… Read More
Common Errors in Standards on Auditing and Audit Reporting: Lessons from Quality Reviews and Regulatory Inspections The quality of an… Read More
Salary up to INR 12.75 Lakh? You May Still Have to Pay Tax in FY 2025-26 (AY 2026-27) Many salaried… Read More
Gurugram Issues Public Advisory Against Unauthorized PGs and Guest Houses The Office of the District Town Planner (Enforcement), Gurugram, has… Read More