Who’s Mandated to File ITR in FY 2024-25?

The Income Tax Department mandates ITR filing for specific categories of individuals, even if tax payable is zero. Here’s a quick look at who must file ITR:

👉 Individuals with Income above basic exemption limit
• ₹2.5L under old regime | ₹3L under new regime
• Based on gross income before deductions

👉 Individuals with foreign income or assets
• Includes signing authority in foreign bank accounts

👉 Those with high-value deposits
• ₹50L+ in savings account OR ₹1Cr+ in current account during FY

👉 Individuals spending ₹2L+ on foreign travel in a financial year

👉 Individuals with TDS/TCS paid > ₹25K
• ₹50K limit for senior citizens

👉 Individuals who paid electricity bills > ₹1L in the year

👉 Professionals or businesses with:
• Turnover > ₹60L (business)
• Receipts > ₹10L (professionals)

👉 All companies and firms, regardless of profit/loss

👉 Why It Matters
» Enables income reporting across sources
» Helps claim deductions, refunds, and ensures legal compliance
» Builds a consistent record with the Income Tax Department