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Income Tax Returns FY 2024-25 (AY 2025-26): Who’s exempt from ITR filing based on income?

Income Tax Returns FY 2024-25 (AY 2025-26): The basic exemption limit varies depending on the chosen income tax regime. For the old tax regime, the limit is set at Rs 2,50,000, and for the new tax regime, it is Rs 3,00,000 for the financial year 2024-25.

However, there are specific conditions in which individuals must still file their ITRs, even if their taxable income is below the basic exemption limit.

Income Tax Returns FY 2024-25 (AY 2025-26): There are specific conditions in which individuals must still file their ITRs, even if their taxable income is below the basic exemption limit.

Income Tax Returns FY 2024-25 (AY 2025-26): The filing of income tax returns (ITR) has started for the financial year 2024-25 (assessment year 2025-26), and 15 September 2025 has been extended as the deadline.

According to Indian tax regulations, if an individual’s taxable income is less than the basic exemption amount, they are not required to file one. The maximum limit for the old tax system was Rs 2,50,000, whereas the new tax regime is Rs 3,00,000 for the fiscal year 2024-25.

Furthermore, there are certain conditions where individuals must file ITR, despite their taxable income being less than the basic exemption amount.

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Enlisted below:

1. If there is a Rs 50 lakh or more deposit in either one or multiple savings accounts in the previous financial year.

2. If there is a deposit of Rs 1 crore or more in one or more current accounts in either commercial or cooperative banks within a financial year. (Businesses are exempted from this requirement.)

3. If the gross annual sales turnover is more than Rs 60 lakh.

4. If professional income is more than Rs 10 lakh in the previous financial year.

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5. The payment of electricity bills is more than Rs 1 lakh.

6. Individuals with Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) of Rs 25,000 or more. (For senior citizens, it has been raised to Rs 50,000.)

7. If an individual owns or benefits from any asset located outside of India, or if they hold signing authority for an overseas account.

8. Any declaration of expenditure on foreign travel that exceeds Rs 2 lakh also necessitates the filing of an ITR.

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As tax filing season begins, the term ‘income tax e-filing’ was among the top trending keywords on Google today, on June 2, 2025. (Screenshot)

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