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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 |
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