It’s ITR filing season again! For the Financial Year 2024-25 (Assessment Year 2025-26), the deadline for individuals not requiring an audit has been extended to September 15, 2025. While many need to file, some taxpayers can skip the process. Here’s a breakdown of who can breathe a sigh of relief and who definitely needs to file.
Who Can Skip Filing ITR for FY 2024-25?
Generally, you can skip filing an ITR if your taxable income falls below the basic exemption limit. This limit varies depending on the tax regime you choose and your age:
- Individuals (below 60 years):
- Old Regime: Below ₹2,50,000
- New Regime: Below ₹3,00,000
- Senior Citizens (60 to 80 years):
- Old Regime: Below ₹3,00,000
- New Regime: Below ₹3,00,000
- Super Senior Citizens (above 80 years):
- Old Regime: Below ₹5,00,000
- New Regime: Below ₹3,00,000
Special Exemption for Senior Citizens (Section 194P)
There’s a specific relief for certain senior citizens aged 75 years or older who meet all of these conditions:
- They must be a resident in India for the financial year.
- Their only income is from pension and interest, with the interest earned from the same bank where the pension is credited.
- They submit a formal declaration to their bank (which must be a government-notified bank).
If these conditions are met, the bank will deduct the applicable TDS after considering eligible deductions, and the senior citizen won’t be required to file an ITR.
Who Must File ITR, Even if Income is Below the Exemption Limit?
Even if your income is below the basic exemption thresholds, filing an ITR is mandatory if you meet any of the following criteria:
- You’ve deposited ₹50 lakh or more cumulatively in one or more savings bank accounts.
- You’ve deposited ₹1 crore or more in one or multiple current accounts (for non-business entities).
- Your gross business turnover exceeds ₹60 lakh in the financial year.
- Your professional earnings are over ₹10 lakh during the year.
- Your annual electricity expenses cross ₹1 lakh.
- Your TDS or TCS is ₹25,000 or more in a year (or ₹50,000 or more for senior citizens).
- You own or have a beneficial interest in foreign assets or foreign accounts, or hold signing authority in any overseas bank account.
- You’ve spent more than ₹2 lakh on international travel in a financial year.
Important ITR Filing Deadlines for FY 2024-25
Mark your calendars to avoid penalties:
- September 15, 2025: For individuals/entities not requiring an audit.
- October 31, 2025: For taxpayers requiring an audit (excluding transfer pricing cases).
- November 30, 2025: For taxpayers subject to transfer pricing regulations.
- December 31, 2025: Deadline for filing a belated or revised return for FY 2023-24.
To ensure timely compliance and avoid penalties, it’s crucial to assess your eligibility carefully. If you’re unsure about your filing obligations, consider consulting a tax professional.