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Who Should File ITR for FY 2024-25? | |
Filing an Income Tax Return (ITR) is a vital financial obligation for both individuals and businesses, ensuring adherence to tax laws. The process involves declaring annual income, availing eligible deductions, and determining tax liabilities. Governments require tax return submissions to assess taxable earnings and ensure accurate tax payments. Beyond legal compliance, ITR filing offers several advantages, including eligibility for tax refunds, easier access to loans, and serving as official income proof. A clear understanding of tax filing procedures, due dates, and benefits enables individuals and businesses to maintain financial discipline while avoiding penalties. If you’re seeking professional tax consultant in Pune, expert guidance can simplify the process and optimize your tax benefits. Filing of Income Tax Return (ITR) is mandatory in India under the following conditions: Income Exceeds the Basic Exemption Limit Filing of Income Tax Return is mandatory when an individual’s income surpasses the specified exemption threshold, which varies according to age. For individuals under 60 years, the tax exemption limit is set at Rs. 2,50,000, and any income beyond this is taxable. Senior citizens, aged between 60 and 80 years, benefit from a higher exemption cap of Rs. 3,00,000. Meanwhile, super senior citizens, who are above 80 years of age, receive the highest exemption limit of Rs. 5,00,000. Business and Professional Entities Companies, LLPs, and Firms: Mandatory, regardless of profit or loss. Self-Employed Individuals & Professionals: If total income exceeds the basic exemption limit. Other Mandatory Cases You must file ITR even if income is below the exemption limit if: Foreign Assets: Holding foreign bank accounts, assets, or signing authority in foreign accounts. High-Value Transactions: Deposits over Rs. 1 crore in a current account. Electricity bill payments exceeding Rs. 1 lakh. Foreign travel expenses above Rs.2 lakh TDS Refund: To claim excess tax deducted at source (TDS). Capital Gains: Even if below the taxable income limit. Cryptocurrency or Digital Asset Transactions: As per new tax rules. Business Turnover: If turnover exceeds Rs. 60 lakh for businesses or Rs. 10 lakh for professionals (even under presumptive taxation). If TDS and TCS is Rs. 25000 or more Bank Interest & Dividends: If total taxable income crosses the limit. If deposit in saving bank account is Rs. 50 lakh or more Mandatory for NRIs Non-Resident Indians (NRIs) must file ITR if their total taxable income in India exceeds Rs. 2,50,000 Benefits of E-Filing of Income Tax Return Filing an Income Tax Return (ITR) is not just a legal obligation but also provides several financial advantages. Here are the key benefits: Prevent Penalties and Legal Issues Non-compliance with income tax regulations, such as failing to file a required return, can lead to fines, penalties, and even prosecution under the Income Tax Act. To avoid such consequences, taxpayers should ensure timely filing—either independently or with the assistance of a tax professional. If you are searching for a CA for income tax filing in Pune or a tax consultant Pune, you can reach out to us as we are one of the best tax firms in Pune, and we aim to serve our clients with the most satisfactory services. Claim Tax Refunds and Offset Business Losses Filing an income tax return is essential to claim tax refunds and carry forward business losses. The Income Tax Department allows taxpayers to offset losses against future income, but this benefit is only available if returns are filed within the stipulated deadline. Ease in Loan and Credit Card Approvals When applying for loans—whether for housing, vehicles, business, or personal use—financial institutions typically require a copy of your Income Tax Return (ITR) as proof of income. Lack of a filed ITR may create difficulties in securing loan approvals or obtaining credit cards. Smoother Visa Processing Income Tax Returns are often a mandatory document for visa applications. Immigration authorities require proof of financial stability, and providing ITRs along with other supporting documents can expedite the visa approval process. Brand Name:- CorpZo Address:- G 10, Sector 63, Noida, India, 201301, Email:- reach@corpzo.com, Phone:- +919999139391, Web Address:- https://www.corpzo.com Social Media Plateform https://twitter.com/corpzoindia https://www.facebook.com/corpzo/ https://www.instagram.com/corpzo/ https://www.linkedin.com/company/corpzo https://www.youtube.com/@CorpZo1  | |
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| Target State: Indiana Target City : Noida Last Update : Nov 20, 2025 3:12 AM Number of Views: 43 | Item Owner : Corpzo Contact Email: Contact Phone: 09999139391 |
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2025-11-21 (0.577 sec)