ITR filing: What is the basic exemption limit for FY 2024-25 & under what conditions do you still need to file tax return?
ITR filing FY 2024-25: Who needs to file income tax return? At what income level is filing of ITR necessitated? That's an important question in the minds of taxpayers, especially as the exemption limit for income tax varies depending on the tax regime you opt for.
The deadline to file income tax returns has been extended to September 15, 2025 this year, as against July 31 every year.
ITR FY 2024-25: When do you need to file a tax return?
Chander Talreja, Partner, Vialto Partners says that fundamentally, the requirement to file the income tax return arises if you have a taxable income i.e. income exceeding the basic exemption limit, which for financial year 2024-25 is Rs 3 lakh/Rs 2.5 lakh for new income tax regime and old income regime respectively.
Under the old tax regime the basic exemption limit for senior citizens is Rs 3 lakh and for super senior citizens (aged 80 and above) is Rs 5 lakh.
This basic exemption limit has been increased to Rs 4 lakh under the new income tax regime in the current financial year 2025-26 - for which you will file your ITR next year.
However apart from taxable income, the government has been expanding the norms for tax return filing wherein certain deposits made as well as expenses incurred during a financial year trigger mandatory tax return filing such as:
Depositing ₹1 crore or more in one or more current accounts, or
Depositing ₹50 lakh or more in one or more savings bank accounts
Expenses incurred exceeding ₹2 lakh on foreign travel for yourself or any other person, or
Electricity bills paid exceeding ₹1 lakh in aggregate
'In fact, where an individual does not have any taxable income and neither of the above conditions are met, still an ITR is a must to be filed for individuals qualifying as resident and ordinary resident if they hold a foreign asset such as overseas bank accounts, immovable property, shares, securities, or other financial interests,' he tells TOI.
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Moreover, Chander Talreja explains that filing of ITR has several advantages:
1) Carry forward of losses will be allowed only if an ITR is filed within the due date, except house property loss.
2) An ITR filing is the only way to claim a refund of the excess taxes deducted at source on your income
3) An ITR serves as proof of income for various purposes such as undertaking loans, visa applications etc and hence advisable to be filed to maintain the continuity of filing (even if not mandatory required for any financial year).
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