ITR Filing 2025 Begins: Who Needs To File Income Tax Return? All You Need To Know
Last Updated:
ITR filing for FY 2024-25 has begun, with a deadline of September 15 for non-audit ITRs; check a detailed guide on who needs to file the income tax return.
ITR Filing 2025: The filing of income tax returns has commenced for the financial year 2024-25 (assessment year 2025-26), with a deadline of 15 September for non-audit ITRs. The Income Tax Department permitted Excel Utility-based return filing on 30 May, but online filing is yet to begin. As of 10:30 am on 2 June, a total of 54,389 income tax returns have been filed, of which 48,975 have been verified. Who needs to file an ITR? Here's a detailed guide:
Whether you are a salaried employee, a freelancer, a business owner, or even someone without taxable income, there are several situations where filing an ITR is either mandatory or highly recommended.
1. Income Above Basic Exemption Limit
For AY 2025-26, the basic exemption limit under the new tax regime is Rs 4 lakh, applicable to all individuals irrespective of age. Under the old tax regime, the exemption limits remain at Rs 2.5 lakh for individuals below 60 years, Rs 3 lakh for senior citizens, and Rs 5 lakh for super senior citizens.
(Note: Under the old tax regime, these limits apply before claiming deductions under sections like 80C, 80D, etc.)
Who Should Voluntarily File ITR?
According to income tax experts, even if you are not legally required to, filing an ITR can be extremely beneficial:
To claim income tax refunds (e.g., TDS deducted from salary or bank interest).
For visa or loan applications (ITR is accepted as proof of income).
To carry forward losses (only allowed if ITR is filed on time).
To build financial credibility (helps in business registration, securing funding, or applying for tenders).
ITR-1 To ITR-7: Which ITR Form To Choose?
ITR-1 (Sahaj): For resident individuals (not HUFs) with income up to Rs 50 lakh from salary, long-term capital gains tax up to Rs 1.25 lakh under Section 112A, one house property, other sources (interest, etc.), and no capital gains or business income.
ITR-2: For individuals and HUFs with income from capital gains, more than one house property, foreign income/assets, but no business or professional income.
ITR-3: For individuals and HUFs with income from a business or profession, including partners in firms.
ITR-4 (Sugam): For resident individuals, HUFs, and firms (other than LLPs) with presumptive income under sections 44AD, 44ADA, or 44AE, and income up to Rs 50 lakh (for individuals).
ITR-5: For partnership firms, LLPs, AOPs, BOIs, cooperative societies, and other persons not filing ITR-7.
ITR-6: For companies other than those claiming exemption under section 11 (income from charitable or religious activities).
ITR-7: For persons including trusts, political parties, research institutions, universities, or funds claiming exemption under sections 139(4A) to 139(4F).
Due Date for Filing ITR for AY 2025-26
Individual taxpayers not subject to audit: September 15, 2025
Businesses requiring audit: October 31, 2025.
Late filing attracts a penalty under Section 234F and may delay refunds.
Frequently Asked Questions (FAQs)
A: No, unless you fall under specific cases like high-value transactions or owning foreign assets.
A: Yes, it is recommended for refunds, visas, loans, and establishing a financial history.
Q: I'm a student earning via freelancing. Should I file ITR?
A: Yes, if your income exceeds Rs 4 lakh or TDS has been deducted.
top videos
View all
Q: What if I miss the deadline?
A: You can file a belated return until 31 December 2025, with a penalty and interest.
Location :
New Delhi, India, India
First Published:
June 02, 2025, 10:54 IST
News business » tax ITR Filing 2025 Begins: Who Needs To File Income Tax Return? All You Need To Know
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
17 minutes ago
- Time of India
New York Stock Exchange latest update: Stablecoin issuer Circle is now live on NYSE. Check symbol, share price
Stablecoins are a fast-growing corner of the cryptocurrency industry that offer a buffer against volatility because they are pegged to real-world assets, like U.S. dollars or gold. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads FAQs Circle Internet Group on Thursday made debut on US Stock Market. Circle Internet Group issues USDC, a stablecoin that can be traded at a one-to-one ratio for U.S. dollars, and EURC, which can similarly be traded for euros. Interest in Circle's initial public offering is high. The company's underwriters priced the offering at $31 per share Wednesday, up from an expected price of $27 to $28. The number of shares being sold was raised to 34 million from 32 million. Circle will trade on the NYSE under the symbol 'CRCL.'Stablecoins are a fast-growing corner of the cryptocurrency industry that offer a buffer against volatility because they are pegged to real-world assets, like U.S. dollars or gold. That makes them a much more reliable means of conducting commercial transactions than other forms of dominant player in the stablecoin field is El Salvador-based Tether, which has the stablecoin known as USDT that currently has about $150 billion in circulation. USDC is the second most popular stablecoin market cap, with about $60 billion in said in a regulatory filing that USDC has been used for more than '$25 trillion in onchain transactions' since its launch in the company has seen tremendous growth, going from just $15 million in 2020 to $1.7 billion in issuers make profits by collecting the interest on the assets they hold in reserve to back their stablecoins. Circle said USDC is backed by 'cash, short-dated US Treasuries and overnight US Treasury repurchase agreements with leading global banks.'Circle's IPO comes amid a push by the Trump administration and the crypto industry to pass legislation that would regulate how stablecoin issuers operate in the U.S. A Senate bill advanced last month with bipartisan is also growing competition in the stablecoin field. A crypto enterprise partly owned by the Trump family just launched its own stablecoin, said its long track record and values – the company says its mission statement is 'to raise global economic prosperity through the frictionless exchange of value' – will help it stand apart in the field.A1. Circle Internet Group issues Stablecoin.A2. USDC is a stablecoin that can be traded at a one-to-one ratio for U.S. dollars, and EURC, which can similarly be traded for euros.
Indian Express
18 minutes ago
- Indian Express
Niti Aayog asks if think-tanks should work on new data as MoSPI says alternative data can be used in official stats
Even as the Ministry of Statistics and Programme Implementation (MoSPI) presses ahead with the use of alternative sources of data in India's official statistics, the NITI Aayog has asked if the ministry should even be engaging with such data sets. Speaking on Thursday at the start of a two-day workshop on 'Using Alternate Data Sources and Frontier Technologies for Policy Making', NITI Aayog Vice-Chairman Suman Bery questioned if these new areas should be a priority for MoSPI and cautioned that they should 'not become an all-consuming task or preoccupation', although he added that using new data sources and technologies is 'very powerful' as it helps give a sense about the direction in which the economy is headed in a fast-moving world for real-time interventions. 'I would also make the point that to some extent the issue of whether all of this should be going on in MoSPI and in the statistical infrastructure or whether it should be going on in our rich network of think tanks is, I think, an appropriate issue. For example, NCAER… has a centre for data analytics,' Bery said. New Delhi-based think-tank National Council of Applied Economic Research (NCAER) set up a National Data Innovation Centre in 2017 to serve as a 'laboratory for experiments in data collection', among other objectives. Meanwhile, speaking at the same workshop, MoSPI Secretary Saurabh Garg said alternate data sources and frontier technology have 'reached a stage that we can actually use it for official statistics' and that this augured well for the future of data analysis. In an interview to The Indian Express, published on Thursday, Garg had said the Statistics Ministry is looking to use data from sources such as online booking platforms for air and rail fares and over-the-top (OTT) streaming services, among others, for the new Consumer Price Index (CPI) series that will be released in early 2026. 'For the new CPI series, MoSPI is expanding its approach by exploring alternative data sources, such as online platforms for airfare, rail fare, OTT platforms and administrative records for price data of petrol, diesel and LPG. Discussions are ongoing with IRCTC, under the Ministry of Railways, and the PPAC under the Ministry of Petroleum and Natural Gas for direct transfer of data for integration in CPI,' Garg said. MoSPI is in the process of revising its key macroeconomic indicators — CPI, the Index of Industrial Production (IIP), and Gross Domestic Product (GDP). Apart from updating the base years to 2022-23 for GDP and IIP, and 2024 for CPI, the revision exercise will also see changes in methodology used to compute the indicators. In addition, the updated CPI series will be based on a new basket of goods and services as per the findings of MoSPI's recent Household Consumption Expenditure Survey. This could result in near-obsolete items such as audio casettes being removed from the CPI basket, with prices of more contemporary goods like treadmills being used in the measurement of retail inflation. 'Intelligent integration' Chief Economic Adviser V Anantha Nageswaran, also speaking at the workshop, pushed for the use of alternative data in official statistics. While surveys, administrative, and national accounts data remain indispensable as inputs in making decisions, the pace, complexity, and granularity required by modern policymaking and the challenges attached to them 'have exposed limitations in both the periodicity and dimensionality of such data,' he said. According to Nageswaran, alternative data such as satellite-based night-time luminosity — used as a proxy for economic activity in areas with delayed or weak statistical reporting — and other satellite data can help policymakers monitor industrial activity, road connectivity, and cropping patterns, among others. 'These insights can inform timely decisions on input provisioning, crop insurance payouts, and regional procurement strategies,' he said. These new types of data capture emergent behaviour, respond faster to shocks, and reflect the 'lived experience of economic agents in ways that conventional aggregates sometimes cannot,' he added. However, the government's top economist warned that while alternative data can help policymakers move from 'retrospective diagnostics to proactive intervention', they could not replace official statistics and warranted 'intelligent integration'. 'Therefore, the mature approach is not to choose between official and alternative data but to design systems where each informs and validates the other, especially in environments where timely action is crucial,' Nageswaran said, adding that enthusiasm must be tempered with prudence as official data still carried a 'certain higher sense of authenticity and reliability and accuracy given the years of usage and in-built checks and balances'. With reference to frontier technologies such as artificial intelligence, Nageswaran said the 'black box nature of certain algorithms, the potential for bias embedded in training data, and risks to individual privacy must be actively mitigated through robust governance frameworks'. Further, these technologies should be deployed in a way that they are tailored to institutional absorption capacity. 'A well-designed algorithm is only as effective as the human systems interpreting and acting upon its output,' the chief economic adviser said. Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports on the macro economy and fiscal policy, with a special focus on economic science, labour trends, taxation and revenue metrics. With over 13 years of newsroom experience, she has also reported in detail on macroeconomic data such as trends and policy actions related to inflation, GDP growth and fiscal arithmetic. Interested in the history of her homeland, Kashmir, she likes to read about its culture and tradition in her spare time, along with trying to map the journeys of displacement from there. ... Read More
Time of India
18 minutes ago
- Time of India
Samruddhi expressway to be linked to Vadhvan port
Mumbai: Maharashtra will connect the Nagpur-Mumbai Samruddhi expressway corridor to the upcoming greenfield Vadhvan port, slated to be the country's biggest such facility, via the Nashik highway, the upcoming Delhi-Mumbai greenfield expressway corridor, the Mumbai-Ahmedabad highway, the under-construction bullet train corridor, and the coastal road that is planned to be extended up to the port. Tired of too many ads? go ad free now "The Prosperity corridor will have up to 500 MW to 1,000 MW capacity solar plant along it with 200 MW starting soon, besides a huge gas pipeline that will supply PNG not only to cities but also to power and steel plants right up to Gadchiroli to achieve decarbonisation targets. Every 500 metres to a kilometre there is a groundwater recharge facility and ponds to hold rainwater," said chief minister Devendra Fadnavis soon after opening the 76 km last leg of Samruddhi between Igatpuri and Bhiwandi. He announced that very soon, work on the Rs 80,000 crore Shaktipeeth corridor from Nagpur to the Goa border via Marathwada and Western Maharashtra will also be started in full swing. Deputy chief ministers Eknath Shinde and Ajit Pawar were present at the Samruddhi inauguration, besides scores of ministers and legislators. The CM and his deputies also opened the south-bound arm of the Vashi creek bridge through an online event. "Samruddhi expressway is not just a road; it is a green corridor for Maharashtra's fast-emerging economy as 24 districts of Maharashtra have been connected to JNPT (Jawaharlal Nehru Port Trust) and eventually to Vadhwan. Special wildlife infrastructure with 100 animal overpasses and underpasses have been constructed to ensure their safe passage. A total of seven tunnels have been built; the one between Igatpuri and Kasara being the widest in the country. Tired of too many ads? go ad free now We will break this record once the Pune-Mumbai missing link tunnel is completed. The interchanges on the Samruddhi expressway look like art work drawn on paper. Inside the tunnel, artificial rainfall will begin when the temperature crosses 60 degrees due to a fire incident and will stop when it drops to 30 degrees," he said while interacting with the media at Igatpuri. The tunnel was built by Afcons. Fadnavis said over 3.3 million plantations were done using local species. "While building the road, 1,000 farm ponds were created. We are prepared to generate 200 MW of solar power and 22 amenity centres have been set up. A gas pipeline will also reach from Konkan to Nagpur, providing gas to people and industries. Religious places like Shirdi, Shegaon and Trimbakeshwar will come closer. Now we want to construct the Shaktipeeth expressway as well on a fast-track basis," he said. Deputy chief minister Eknath Shinde termed Samruddhi a game-changer. "It was one of the toughest and most challenging projects and will greatly benefit people and businesses. A journey that took 18 hours will now take only eight hours — saving both fuel and time. We paid attention to even the smallest details. Around 1.1 million large trees and 2.2 million small plants will be planted, making the expressway the most eco-friendly project ever," he said, pointing out that the road will boost agriculture, tourism, and industry. A farmer starting in the morning from Nagpur with produce used to reach Mumbai in three days. Now, he can reach by evening," he added. Shinde said the Shaktipeeth expressway will be a game-changer for Marathwada as farmers won't commit suicide anymore. After the inauguration, the chief minister and his deputies inspected the longest Igatpuri tunnel of the expressway and viaduct in the stretch. To conduct an inspection of the expressway, Dy CM Shinde drove a high-end car with CM Fadnavis sitting beside him in the front seat and Pawar occupying the back seat. The inspection lasted around 45 minutes, including the time taken for the journey between Igatpuri and Amane. On the way back, Fadnavis and Shinde swapped seats with the CM getting behind the wheel, while Pawar remained in the same seat. The newly-constructed third creek bridge near Vashi Sion-Panvel Highway was also inaugurated via video conferencing on the occasion. The earlier operational 625 km of the expressway stretch was used by nearly two crore vehicles in the last two years. The maximum speed limit on the expressway is 100 kmh in ghat sections and 120 kmh on flat terrain. The expressway traverses through 392 villages in 26 talukas across 10 districts in five revenue divisions. A smart integrated traffic management system (ITMS) will be installed on the expressway soon, the CM said, adding they gave the 'right of way' to the Gas Authority of India Ltd for laying the pipeline while making the access control road between Mumbai and Nagpur. Dy CM Ajit Pawar said many, including farmers from his party, opposed the Samruddhi project at the beginning, but when CM Fadnavis announced very attractive compensation, they all sided with the project and accepted money. "The project was estimated to cost Rs 55,500 crore but eventually went well above Rs 61,000 crore. Around 12 crore cement bags were used in the project. Fadnavis started the project when he was CM, and now it was inaugurated during his second term, and such continuity is rare in politics. And also let's not forget the contribution of Eknath Shinde," he said.
