Dec 8, 2025
Filing your Income Tax Return (ITR) is not just a legal obligation — it’s an important part of your financial record.
Even if your income is below the taxable limit, filing ITR can help with loan approvals, visa applications, refunds, and compliance records.
This guide covers who should file ITR, which form to use, key documents required, and the latest changes for FY 2024–25.
Who Must File an ITR?
You are required to file an ITR if:
Your gross income exceeds ₹2.5 lakh (₹3 lakh for senior citizens).
You’ve earned capital gains (even below taxable limit).
You want to claim a refund of excess TDS.
You’ve spent over ₹2 lakh on foreign travel, or ₹1 crore on business turnover, even if income is below threshold.
You hold foreign assets or income abroad.
Types of ITR Forms for FY 2024–25
Form | Applicable To | Description |
|---|---|---|
ITR-1 (Sahaj) | Salaried individuals, single house property | Income up to ₹50 lakh |
ITR-2 | Individuals with capital gains, multiple house properties | For investments and foreign income |
ITR-3 | Business or professional income | For freelancers, consultants, proprietors |
ITR-4 (Sugam) | Presumptive income taxpayers | Turnover up to ₹2 crore (44AD/ADA) |
ITR-5/6/7 | Firms, LLPs, companies, trusts | Entity-specific returns |
Documents Required
✅ Form 16 (for salaried)
✅ Form 26AS / AIS (tax credit statement)
✅ Bank statements
✅ TDS certificates
✅ Investment proofs (80C, 80D, etc.)
✅ Rent receipts / HRA documents
✅ Capital gain statements (if any)
Filing Process
1️⃣ Log in to incometax.gov.in.
2️⃣ Choose “File Income Tax Return” → select AY 2025–26.
3️⃣ Select applicable ITR form.
4️⃣ Pre-fill data, verify income and deductions.
5️⃣ E-verify using Aadhaar OTP or net banking.
Important Deadlines
Individuals & Non-Audit Cases: 31st July 2025.
Tax Audit Cases: 31st October 2025.
Revised/Belated Returns: 31st December 2025.
Recent Changes (FY 2024–25)
New Tax Regime set as default option.
Updated Section 87A rebate: up to ₹7 lakh income = Nil tax under new regime.
Enhanced disclosure in AIS for foreign income.
Conclusion
Timely ITR filing keeps you compliant and builds financial credibility. Always reconcile AIS data, verify deductions, and use e-verification to avoid penalties.
Continue reading:
→ Old vs New Tax Regime: Which Is Better for FY 2024–25
→ Top Deductions Under Section 80C to 80U You Shouldn’t Miss
→ Common Income Tax Filing Mistakes & How to Avoid Them
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