look news india
New Delhi: The Income Tax Return (ITR) for the financial year 2024-25 (Assessment Year 2025-26) has begun as the Income Tax Department has enabled Excel utility for ITR-1 and ITR-4 for the Assessment Year 2025-26. Here, we are going to talk about those people for whom it is mandatory to file income tax returns in India.
According to the Income Tax Department, it is mandatory for seven types of people to file their returns. Not doing so may lead to some punishment. Let’s learn about these people.
1. Exceeding the original exemption limit
Those with more income than the original exemption limit will have to file income tax returns (ITR). The original exemption limit under the old tax system is Rs 2.5 lakh and under the new tax system, the financial year 2024-25 or assessment year 2025-26 is Rs 3 lakh.
2. Foreign property or income
People with foreign property or income will have to file their ITR.
3. With more than Rs 50 lakhs in savings account and more than Rs 1 crore in current account
If a person has deposited Rs 50 lakh in a savings account in a financial year or more than Rs 1 crore in the current account, then he will have to file an ITR.
4. Those who spend more than Rs 2 lakh on travel abroad
People who have traveled abroad and have spent more than Rs 2 lakh will have to file ITR.
5. TDS/TCS paid more than Rs 25,000
Individuals who have paid tax cuts (TDS) or Tax collection (TCS) at source of more than Rs 25,000 in a financial year will have to file income tax returns. This limit is Rs 50,000 for senior citizens.
6. Electricity bill paid more than 1 lakh rupees
If a person has paid more than 1 lakh electricity bill in a financial year, he will have to file an ITR.
7. Professional business of more than Rs 60 lakh, commercial receipts of more than Rs 10 lakh
People who run business and whose turnover is more than Rs 60 lakh in a financial year will have to file ITR. Professionals who get fees or receipts of more than Rs 10 lakh in a financial year will also have to file ITR.