📌 𝗪𝗵𝗼 𝗠𝘂𝘀𝘁 𝗙𝗶𝗹𝗲 𝗜𝗧𝗥 & 𝗪𝗵𝗮𝘁 𝗛𝗮𝗽𝗽𝗲𝗻𝘀 𝗜𝗳 𝗬𝗼𝘂 𝗗𝗼𝗻’𝘁 (𝗙𝗬 𝟮𝟬𝟮𝟰-𝟮𝟱 | 𝗔𝗬 𝟮𝟬𝟮𝟱-𝟮𝟲)

Every year, millions of taxpayers wait till the last moment to file their Income Tax Returns (ITR). But do you really know who must file and what’s at stake if you skip it? Let’s break it down.

✅ 𝗪𝗵𝗼 𝗦𝗵𝗼𝘂𝗹𝗱 𝗙𝗶𝗹𝗲 𝗜𝗧𝗥?

𝘉𝘢𝘴𝘦𝘥 𝘰𝘯 𝘈𝘨𝘦 & 𝘐𝘯𝘤𝘰𝘮𝘦 𝘓𝘪𝘮𝘪𝘵𝘴

𝗕𝗲𝗹𝗼𝘄 𝟲𝟬 𝘆𝗲𝗮𝗿𝘀: Income above ₹2.5 lakhs (Old regime) or ₹3 lakhs (New regime).

𝗦𝗲𝗻𝗶𝗼𝗿 𝗖𝗶𝘁𝗶𝘇𝗲𝗻𝘀 (𝟲𝟬–𝟴𝟬 𝘆𝗲𝗮𝗿𝘀): Income above ₹3 lakhs (both regimes).

𝗦𝘂𝗽𝗲𝗿 𝗦𝗲𝗻𝗶𝗼𝗿 𝗖𝗶𝘁𝗶𝘇𝗲𝗻𝘀 (𝟴𝟬+ 𝘆𝗲𝗮𝗿𝘀): Income above ₹5 lakhs.

𝗡𝗥𝗜𝘀: Income above ₹2.5 lakhs (Old) or ₹3 lakhs (New).

𝘌𝘷𝘦𝘯 𝘐𝘧 𝘐𝘯𝘤𝘰𝘮𝘦 𝘐𝘴 𝘉𝘦𝘭𝘰𝘸 𝘵𝘩𝘦 𝘛𝘩𝘳𝘦𝘴𝘩𝘰𝘭𝘥, 𝘠𝘰𝘶 𝘔𝘶𝘴𝘵 𝘍𝘪𝘭𝘦 𝘐𝘧:

Bank deposits exceed ₹50 lakhs in a year.

Current account deposits cross ₹1 crore.

Annual business turnover is above ₹60 lakhs.

Professional income exceeds ₹10 lakhs.

Electricity bill in a year exceeds ₹1 lakh.

TDS/TCS exceeds ₹25,000 (₹50,000 for senior citizens).

You own foreign assets, are a signatory to overseas accounts, or incur foreign travel expenses above ₹2 lakhs.

⚠️ 𝗖𝗼𝗻𝘀𝗲𝗾𝘂𝗲𝗻𝗰𝗲𝘀 𝗼𝗳 𝗡𝗼𝗻-𝗙𝗶𝗹𝗶𝗻𝗴

𝗟𝗮𝘁𝗲 𝗙𝗲𝗲: ₹5,000 (income > ₹5 lakhs), ₹1,000 (income < ₹5 lakhs).

𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗣𝗲𝗻𝗮𝗹𝘁𝘆: 1% per month till filing.

𝗟𝗼𝘀𝘀 𝗼𝗳 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀: No carry-forward of business or capital losses.

𝗧𝗮𝘅 𝗘𝘃𝗮𝘀𝗶𝗼𝗻 𝗥𝗶𝘀𝗸: Treated as non-compliance → scrutiny notices.

𝗣𝗿𝗼𝘀𝗲𝗰𝘂𝘁𝗶𝗼𝗻: Imprisonment of 6 months to 7 years in extreme cases.

📅 𝗞𝗲𝘆 𝗗𝗲𝗮𝗱𝗹𝗶𝗻𝗲𝘀 – 𝗙𝗬 𝟮𝟬𝟮𝟰-𝟮𝟱 (𝗔𝗬 𝟮𝟬𝟮𝟱-𝟮𝟲)

𝗜𝗻𝗱𝗶𝘃𝗶𝗱𝘂𝗮𝗹𝘀 / 𝗛𝗨𝗙 / 𝗔𝗢𝗣 / 𝗕𝗢𝗜 (𝗻𝗼𝗻-𝗮𝘂𝗱𝗶𝘁): 15 Sept 2025

𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀 𝗿𝗲𝗾𝘂𝗶𝗿𝗶𝗻𝗴 𝗮𝘂𝗱𝗶𝘁: 31 Oct 2025

𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀 𝘄𝗶𝘁𝗵 𝘁𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝗽𝗿𝗶𝗰𝗶𝗻𝗴 𝗿𝗲𝗽𝗼𝗿𝘁𝘀: 30 Nov 2025

𝗥𝗲𝘃𝗶𝘀𝗲𝗱 𝗿𝗲𝘁𝘂𝗿𝗻: 31 Dec 2025

𝗕𝗲𝗹𝗮𝘁𝗲𝗱 𝗿𝗲𝘁𝘂𝗿𝗻: 31 Dec 2025 (with penalties, no carry-forward)

𝗨𝗽𝗱𝗮𝘁𝗲𝗱 𝗿𝗲𝘁𝘂𝗿𝗻: 31 Mar 2030 (within 4 years of end of AY)

👉 The last date to file your ITR without penalties is 15 September 2025. While you can still file a belated return till 31 December 2025, it comes with costs and restrictions.

Bottom line: Filing ITR is more than a compliance requirement. It protects your financial credibility, eases loan approvals, and ensures you’re on the right side of the law.

#IncomeTax #ITR #TaxFiling #Finance #Compliance