ITR Filing: Who is required to file ITR?

ITR Filing: The last date for Income Tax Return Filing 2024, July 31, is now very close. Now the taxpayer has only 5 days left except today. According to the latest data given on the Income Tax Department website, there are 123,938,231 individual registered users.

Out of these, 46,015,630 ITRs have been filed for the assessment year 2024-25. Whereas, ITRs of 42,288,847 have been verified. A total of 18,942,439 ITRs are in process.

– Advertisement –

If you have not yet filed your ITR, then do so soon as there is very little hope of its date being extended. You may have to pay a penalty for filing ITR after July 31. You are allowed to file delayed ITR until the end of the year, but then you will be fined between ₹1,000 and ₹10,000 depending on the period of delay. Also, you may be deprived of some deductions and may also face investigation by the Income Tax Department.

Who is required to file ITR?

If the sum of all your income/salary before deductions exceeds the basic exemptions, you are required to file your ITR.

You must file ITR if you are a resident of India for income tax purposes and own any property outside India or are a beneficiary of any property outside India. You must file your ITR even if you are an authorised signatory to any account, immovable or movable, held outside India.

Also Read: Departing from India? From 1st Oct, Clearance certificate under Black Money Act require

If you have invested in shares, bonds or mutual fund schemes of foreign companies or have employee stock options (ESOPS), you will have to file ITR irrespective of your income level.

You will have to file ITR if you have paid electricity bill of more than Rs 1 lakh last year even if the electricity connection is not in your name. If you have spent more than Rs 2 lakh on foreign travel, you will have to file ITR. Whether you have spent it yourself or someone else, provided you have borne the travel expenses.

If the bank deposits in your name exceed Rs 50 lakh in one or more savings accounts combined or Rs 1 crore in one or more current accounts, you will have to file ITR. If the value of all sales from your business exceeds Rs 60 lakh, then you will have to file ITR.

– Advertisement –