Do I Need to File My ITR?
If you’re an individual or HUF, you must file your Income Tax Return (ITR) if any of the following conditions apply.
Income Above the Basic Exemption Limit?
Yes, you must file if your income before claiming deductions (like 80C, 80D, 54, 10A, etc.) exceeds the exemption limit:
· ₹2.5 lakhs (below 60 years)
· ₹3 lakhs (60–79 years)
· ₹5 lakhs (80 years & above)
This applies to both residents and non-residents.
Holding Assets or Accounts Abroad?
If you are a Resident and Ordinarily Resident (ROR) and:
- Own foreign assets
- Have a signing authority in any foreign account
- Are a beneficiary of a foreign asset
➡️ You must file ITR, even if your income is below the exemption limit.
Deposited ₹1 Crore or More in Current Accounts?
If you deposited ₹1 crore or more in one or more current accounts in a year, filing ITR is mandatory, even if your income is below the exemption limit.
Spent Over ₹2 Lakhs on Foreign Travel?
If you paid more than ₹2 lakhs on travel abroad (for yourself or others), you must file ITR, regardless of income.
Electricity Bill Over ₹1 Lakh?
If your electricity expenses for the year crossed ₹1 lakh, you're required to file your tax return.
Business Turnover Over ₹60 Lakhs?
If you're running a business and your sales/turnover is over ₹60 lakhs, ITR filing is mandatory.
Professional Receipts Over ₹10 Lakhs?
If you're a professional (like a doctor, architect, or consultant) and your gross receipts are more than ₹10 lakhs, you must file your return.
TDS or TCS of ₹25,000 or More?
If TDS or TCS deducted in your PAN is ₹25,000 or more (₹50,000 for senior citizens), you’re required to file ITR—even if your total income is less than the exemption limit.
Savings Account Deposit of ₹50 Lakhs or More?
If you deposited ₹50 lakhs or more in one or more savings accounts, you must file your ITR—even if your income is below taxable limits.
Are Senior Citizens Exempt?
Yes, a resident senior citizen (75 years or older) is exempt from filing ITR if:
· Income is only from pension and interest from the same bank
· Bank deducts tax under Section 194P
What is the Due Date for Filing ITR?
|
Situation |
Due Date |
|
Transfer Pricing cases (Form 3CEB) |
30th Nov |
|
Tax audit cases (business or profession) |
31st Oct |
|
All other individuals/HUFs |
31st July |
🗓️ Extended deadlines may apply—check with your tax advisor.
Which ITR Form Should I Use?
|
Form |
Who Can Use It |
|
ITR-1 |
Salaried individuals with simple income (only for ordinary residents) |
|
ITR-2 |
Individuals with capital gains, multiple properties, or foreign income/assets |
|
ITR-3 |
Business/professional income (non-presumptive), partners in a firm |
|
ITR-4 |
Income under presumptive schemes (Sections 44AD/ADA/AE), only for residents |
⚠ ITR-1 and ITR-4 can’t be used by NRIs, directors in companies, or those with foreign assets.
How Can I File My ITR?
You can file online through the Income Tax e-filing portal:
✔️ E-filing with Digital Signature (DSC)
✔️ E-filing using Aadhaar OTP or EVC
✔️ E-filing + send signed ITR-V to CPC Bangalore (within 30 days)
📄 Only super senior citizens (80+) using ITR-1 or ITR-4 can file in paper form.
Who Has to Sign the ITR?
· Individual: Must sign their own return
· HUF: Karta must sign
· Others: Authorised representative (in special cases like disability or legal incapacitation)
Special Relaxation for Coffee Growers
If you’re an individual earning from coffee farming, and your non-agricultural income is below the exemption limit, you may be exempt from filing ITR, based on the nature and scale of your coffee-related income.