In India, filing an Income Tax Return (ITR) is compulsory under several clear-cut scenarios, primarily guided by your total income, age, and types of earnings. Coming to who should file income tax return? If the taxpayer exceeds the Basic Exemption Limit under the new tax structure, they must file an ITR. Apart from this, there are other criteria as well, which I added below for your reference.
Who should File IT Return 2025?
If you are a resident individual under 60, you must file if your gross total income exceeds Rs 3.5 lakh during a financial year.
NRIs too are mandated to file if their India‑sourced income surpasses Rs 3.5 lakh.
Beyond income thresholds, there are other circumstances requiring mandatory filing:
If you want to claim a refund of tax deducted at source (TDS) or advance tax paid.
To carry forward losses (e.g., from house property, capital gains) for future offsetting.
Holding foreign assets or financial interests, or being a signing authority on foreign bank accounts even without exceeding income limits.
Earning any exempt income (like agriculture income above Rs5,000), capital gains, rent from properties, business or professional income, lottery winnings, gifts beyond allowable exemptions, savings account and FD interest, etc. these all necessitate filing regardless of income slab. I hope you found this information useful.
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Hi Buddy,
Before diving into your query of who should file Income Tax Return, let us understand that the income tax laws of India are drafted by the government. Individuals, Hindu Undivided Families (HUFs), corporations, firms, LLPs, associations of persons, bodies of individuals, municipal authorities, and any other artificial juridical person are all subject to a tax imposed by the government on their taxable income.
The amount of tax levied on a person is determined by his/her residency status under these regulations. While thinking about who all should file Income Tax Return, you should understand that every person who qualifies as an Indian resident is expected to pay tax on their worldwide earnings. Taxpayers must follow certain regulations while filing their Income Tax Returns each fiscal year (ITRs).
An Income Tax Return (ITR) is a document used to report information about your earnings and taxes to the Internal Revenue Service. A taxpayer's tax liability is computed using his or her income. If the return reveals that too much tax was paid during the year, the individual will be eligible for a refund from the Internal Revenue Service.
Income tax is only required to be paid by individuals or corporations who fall into particular income bands, according to the Income Tax Act.
Who should file return for income tax India:The entities or enterprises listed below are required to file ITRs in India on a yearly basis:
Individuals under the age of 59 with a total annual income of more than Rs 2.5 lakh. The maximum increases to Rs. 3 lakh for senior persons (aged 60-79) and Rs. 5 lakh for super senior citizens (aged 80 and above). It's worth noting that the income amount should be determined before taking into account the deductions available under Sections 80C to 80U, as well as additional exemptions available under Section 10
All registered businesses that generate revenue, whether or not they have generated a profit throughout the year
Those who desire to receive a refund for any excess tax deducted or income tax paid
Individuals withholdings or financial interests in companies based outside of India
Treaty-advantaged foreign businesses that conduct business in India
In a single financial year, NRIs earn or accrue more than Rs. 2.5 lakh in India
I conclude my answer. I hope this answer would help you with your query about who should file Income Tax Return.
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Who Should File Income Tax Return?
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2022-04-12T17:11:34+00:00 2022-04-12T17:11:35+00:00Comment
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