Use Code: ITR40
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While getting the ‘salary credited’ message is what most people await, it also comes with the hassle of filing taxes. The complexities and compliances of the Income Tax Act can make the entire process sound intimidating. But is it even mandatory for everyone to file an ITR? In this article, we decode the conditions for ITR filing, exemptions, due dates, and consequences of non-filing.
Under the old regime, individuals below 60 years of age have to file an ITR if their income exceeds Rs. 2.5 lakhs, and individuals above 60 years of age have to file an ITR if their income is more than Rs. 3 lakhs.
However, under the new regime, the basic exemption limit for individuals is Rs. 3 lakhs.
Given below are the tax slab rates for FY 2024-25 under the old regime and the new regime.
Note: The basic exemption limit under the new regime has been increased to Rs. 4 lakhs for FY 2025-26. This increased exemption limit and lower tax rates will be available for ITR filing in FY 2025-26.
| Range of Income (Rs.) | Tax Rate |
|---|---|
| Up to 3,00,000 | NIL |
| 3,00,000-7,00,000 | 5% |
| 7,00,000-10,00,000 | 10% |
| 10,00,000-12,00,000 | 15% |
| 12,00,000-15,00,000 | 20% |
| Above 15,00,000 | 30% |
Note: The tax rates under the new regime are the same for all individuals, i.e., there are no concessional rates for senior and super senior citizens.
| Range of Income (Rs.) | Tax Rate |
|---|---|
| Up to 2,50,000 | Nil |
| 2,50,000-5,00,000 | 5% |
| 5,00,000-10,00,000 | 20% |
| Above 10,00,000 | 30% |
| Annual Taxable Income | New Tax Regime | Old Tax Regime |
|---|---|---|
| Up to Rs.3 lakh | Exempt | Exempt |
| Over Rs.3 lakh to Rs. 5 lakh | 5% | 5% |
| Over Rs.5 lakh to Rs.6 lakh | 5% | 20% |
| Over Rs.6 lakh to Rs. 9 lakh | 10% | 20% |
| Over Rs.9 lakh to Rs.10 lakh | 15% | 20% |
| Over Rs.10 lakh to Rs.12 lakh | 15% | 30% |
| Over Rs.12 lakh to Rs.15 lakh | 20% | 30% |
| Above Rs.15 lakh | 30% | 30% |
| Income level | Applicable tax (old Regime) |
|---|---|
| Up to INR 500,000 | Nil |
| INR 500,001 to INR 10,00,000 | 20% of the income exceeding INR 500,000 |
| INR 10,00,001 and above | 20% of the income exceeding INR 500,000 + 30% of the income exceeding INR 10,00,000 |
| Income Range | Tax Rate |
|---|---|
| ₹0 – ₹4 lakh | Nil |
| ₹4 lakh – ₹8 lakh | 5% |
| ₹8 lakh – ₹12 lakh | 10% |
| ₹12 lakh – ₹16 lakh | 15% |
| ₹16 lakh – ₹20 lakh | 20% |
| ₹20 lakh – ₹24 lakh | 25% |
| ₹24 lakh & above | 30% |
All Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) are recommended to file an Income Tax Return (ITR) if they have taxable income in India.
As per the Income Tax Act, 1961, NRIs/PIOs/OCIs are required to file an ITR in India if their total annual income in India exceeds:
Note: The benefit of rebate under section 87A is not available to NRIs. It can only be claimed by residents.
NRIs are taxed on specific incomes earned in India:
Tax2win tax expert can simplify the tax filing process for NRIs and ensure compliance with relevant regulations. Whether it's understanding your tax obligations, maximizing deductions, or resolving tax-related queries, professional assistance can be invaluable.
As per the Income Tax Act of India, individuals are required to file an ITR only if their annual income exceeds the basic exemption limit. However, there are certain conditions in which you might be required to file an ITR even if your income falls within the basic exemption limit. Given below is a list of such conditions that specify who should file ITR -
You need to file an Income Tax Return even if you are an authorized signatory for an account managed outside of India. The asset you hold outside of India may be movable or immovable. For example, if you went abroad, opened an account, and forgot to close it upon returning to India, you must file an ITR.
Given below are the benefits of filing ITR even if your income is below the basic exemption limit -
Section 194P, which was introduced in Budget 2021, provides conditional relief to citizens above 75 years of age from filing income tax returns. However, this exemption is subject to the following conditions -
The last date to file ITR is 31st July every year. For FY 2024-25, the ITR filing due date has been extended to 15th September 2025. However, if you miss the ITR filing due date, you can file a belated return before 31st December.
| Particulars | Due Date |
|---|---|
| ITR filing for individuals and entities not liable for tax audit | 15th September 2025 |
| ITR filing for taxpayers covered under the tax audit (other than transfer pricing cases) | 31st Oct 2025 |
| ITR filing for taxpayers covered under transfer pricing | 30th Nov 2025 |
| Due date for revised return/belated return of income for FY 2023-24 | 31st Dec 2025 |
Note: The last date to file ITR for FY 2024-25 is 15th September 2025. Hurry up and file now to ensure a smooth ITR filing journey. Get CA-assisted ITR-filing services for accurate filing of ITR.
If you fail to file an ITR by the due date, there can be various consequences. Given below is a list of the consequences.
ITR not Filed by Due Date
ITR filing for FY 2024-25 is ongoing, and the last date to file your ITR is 15th September 2025. If you are a salaried individual looking to file your taxes quickly and accurately, Tax2win’s AI-powered software will automatically select the applicable ITR form, compare tax liability under both regimes, and help you file your ITR in under 4 minutes.
And if you find taxes complicated or need help with filing your ITR, you can also get in touch with our tax experts who can help you maximize your tax savings while ensuring accurate ITR filing. File Now!
The basic exemption limit is the maximum amount of income on which income tax calculation is not applicable. In other words, it is the amount of annual income that is exempted from tax.
Exempt income is any income that is exempt from taxation. The rules and regulations governing exempt income vary from country to country.
Taxpayers eligible to file ITR for FY 2024-25 can now file their ITR as the income tax department has opened ITR filing for 2024-25 online. It is important to note that the last date to file ITR for FY 2024-25 is 15th September 2025.
Even if the tax liability is ‘0’, the annual income of Rs.4.25 lakhs is more than the basic exemption limit, i.e., Rs.2.5 lakh. Therefore, the individual has to file their ITR and report their income in it.
If your taxable income exceeds the basic exemption limit, you'll likely need to file an income tax return and potentially pay taxes on the amount exceeding the limit. The applicable tax rate depends on several factors, as detailed in this guide.
Unless you're a salaried individual with basic income sources and qualify for the simpler ITR-1 form, you'll likely need to file ITR-2. This applies to income from salaries, pensions, house properties (if you own more than one), capital gains or losses on investments, and other sources like lottery winnings. Even agricultural income exceeding Rs. 5,000 requires ITR-2. Residency status also plays a role - ITR-2 is for residents, non-residents, and residents but not ordinarily resident taxpayers. The key thing to remember is that business or professional income requires different ITR forms, and if your total income is above Rs. 50 lakh, ITR-2 becomes mandatory. When in doubt, consulting a tax professional can ensure you file the right form.
