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Filing ITR is crucial for salaried employee, business owner and freelancer.
But do keep in mind the deadlines for various categories of taxpayers.
Filing your ITR on time saves you from late fees, interest, and scrutiny notices
New Delhi:
Filing your Income Tax Return (ITR) is an annual obligation for every eligible Indian taxpayer. It not only ensures compliance with the law but also facilitates access to various financial services like loans, visas and credit cards. An ITR is essentially a declaration of your income, deductions and taxes paid to the Income Tax Department of India. Whether you’re a salaried employee, a business owner, or a freelancer, timely ITR filing is crucial.
Who Needs To File An ITR?
Individuals or entities whose gross total income exceeds the basic exemption limit must file an ITR. For FY 2024-25 (AY 2025-26), the exemption limits under the new tax regime are as mentioned on the Income Tax Department’s website are:
- Rs 3 lakh for individuals
- Rs 3 lakh for senior citizens (60-79 years)
- Rs 5 lakh for super senior citizens (80 years and above)
In the Union Budget 2025-26, the government announced zero tax on income up to Rs 12 lakh. The zero tax will only be applicable to individuals opting for the new tax regime. However, you still need to file an income tax return (ITR), even if your taxable salary is less than Rs 12 lakh. Zero tax is payable due to a tax rebate available under Section 87A of the Income Tax Act, 1961.
ITR must be filed by an individual to claim the tax rebate under Section 87A.
Key ITR Filing Deadlines for FY 2024-25 (AY 2025-26)
| Category of taxpayer | Deadline |
|
Individual Salaried Employees / Non-Audit Cases |
July 31, 2025 This includes salaried individuals, freelancers, and professionals not subject to tax audit. |
|
Businesses Requiring Audit |
October 31, 2025 If your business turnover exceeds Rs 1 crore (or Rs 10 crore in certain digital transaction cases), a tax audit is mandatory. |
|
Transfer Pricing Cases (International/Specified Domestic Transactions) |
November 30, 2025 Applicable for entities involved in cross-border or specified domestic transactions requiring a transfer pricing report (Form 3CEB). |
|
Belated or Revised Return |
December 31, 2025 If you miss the original deadline, you can still file a belated return by this date, but with penalties. |
Filing your ITR on time saves you from late fees, interest, and scrutiny notices. With the Income Tax Department’s e-filing portal, the process has become simpler than ever. Keep your PAN, Aadhaar, bank statements, Form 16, and investment proofs ready to avoid last-minute hassle.