Every individual must file an Income Tax Return (ITR) if their income (before considering certain exemptions and deductions) exceeds the maximum exemption limit. For the Financial year 2024-25, the last date to file ITR is September 15, 2025. Taxpayers ​​​​​​​​​​​​​​​​​​​​can file their return of income either in hard cop​y (only ITR 1/4 in specified cases) at the local office of the Income Tax Department or can be electronically filed at https://www.incometax.gov.in/iec/foportal.
As per the information available on the I-T Department official website, with effect from Assessment Year 2020-21, it is mandatory for every person, who is not required to furnish a return of income under any other provision of section 139(1)​, to file a return of income if during the previous year he:
​- Has deposited an amount (or aggregate of amounts) over Rs one crore in one or more current accounts maintained with a bank or a co-operative bank.
– Has incurred aggregate expenditure above Rs two lakh for himself or any other person for travel to a foreign country.
– Has incurred aggregate expenditure over Rs one lakh towards payment of the electricity bill.
​Other conditions when you need to file an ITR:
According to the CBDT (Central Board of Direct Taxation) vide notification No 37/2022, dated 21-04-2022, additional conditions under the seventh proviso to section 139(1)​​ whereby return filing is made mandatory. These additional conditions are as follows:
1) If total sales, turnover, or gross receipts of the business exceed Rs 60 lakh during the previous year; or
2) If the total gross receipt of the profession exceeds Rs 10 lakh during the previous year, or
3) If the total of tax deducted and collected in case of a person during the previous year is Rs 25,000 or more. The threshold limit shall be Rs 50,000 in case of a resident individual of the age of 60 years or more; or
4) If the aggregate deposit in one or more savings bank accounts of the person is Rs 50 lakhs or more during the previous year.
Do I need to file ITR even if I paid advance tax?
- Even when the advance taxes have been paid, they need to be reported to the Department through the ITR filing procedure.
- This completes the self-assessment of income, and taxes are computed on the same.
- Failure to file the income tax return will attract of penalty.
- Form 26AS reflects the taxes that have been reported by the third party to whom the taxes have been deposited or by whom the taxes have been deducted.
- The ITR helps in reconciling the records as submitted by the assessee and as per the Income Tax department records.​
- Assessee claims refund.
