Income Tax Returns

Who Must File Income Tax Return (ITR)?

Know your responsibility. Avoid penalties. Filing your Income Tax Return is not just a legal obligation; it is a critical financial footprint that helps in securing loans, applying for visas, and claiming tax refunds.

1. Mandatory Filing Thresholds

ITR filing is mandatory if your gross total income exceeds:

• ● ₹2.5 lakh — Individuals below 60 years

• ● ₹3 lakh — Senior Citizens (Age 60–80 years)

• ● ₹5 lakh — Super Senior Citizens (Above 80 years)

2. Even if income is low, file ITR if you have:

• ● ₹1+ crore deposited in one or more current bank accounts.

• ● ₹2+ lakh spent on foreign travel for yourself or any other person.

• ● ₹1+ lakh paid towards electricity consumption bills.

• ● Business turnover above ₹60 lakh in the financial year.

• ● Professional gross receipts above ₹10 lakh.

• ● Big savings deposits: ₹50 lakh or more deposited in savings bank accounts.

• ● High TDS/TCS: ₹25,000 or more (₹50,000+ for senior citizens).

3. Important Deadline

4. Penalties for Late Filing

5. Key Benefits of Filing on Time:

• ● Claim your TDS refunds.

• ● Needed for easy bank loan & visa processing.

• ● Carry forward business or capital losses to future years.

Advance Tax Due Dates (FY 2025–26)

Stay compliant. Avoid interest. Pay on time.

• ● 15 June: Pay at least 15% of total tax liability

• ● 15 September: Pay at least 45% of total tax liability

• ● 15 December: Pay at least 75% of total tax liability

• ● 15 March: Pay 100% of total tax liability

Critical Cash Transaction Rules

• ● Cash Receipt (Sec 269ST): Cannot receive ₹2,00,000+ in cash from a person in a day. Penalty is equal to amount received!

• ● Cash Payment (Sec 40A(3)): Business cannot pay ₹10,000+ in cash in a day (Transporters ₹35,000). Not allowed as expense.

• ● Cash Loan (Sec 269SS/T): Cannot take or repay loan/deposit of ₹20,000+ in cash.

• ● Donation (Sec 80G): Cash donation allowed only up to ₹2,000.