Based on information from the Income Tax Department and various tax advisory sources as of 2025, the following individuals should file an Income Tax Return (ITR):
- Individuals whose total income exceeds the basic exemption limit, which is generally Rs. 2.5 lakh for those under 60 years, Rs. 3 lakh for senior citizens (60-80 years), and Rs. 5 lakh for super senior citizens (above 80 years).
- Salaried employees, business owners, freelancers, and individuals with income from various sources such as house property, capital gains, interest income, etc.
- Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) having taxable income in India.
- Individuals who have earned income beyond the taxable limit even if tax is deducted at source (TDS) to claim refunds or carry forward losses.
- Taxpayers who need to opt for or switch tax regimes (new or old).
- Individuals with income from more than one house property, capital gains exceeding thresholds, or income from business or profession.
- Persons liable to get their accounts audited or those who have deposited cash above specified limits.
- Those who want to avail of certain deductions and exemptions or carry forward losses.
Filing ITR is mandatory to comply with the law, claim refunds, carry forward losses, and maintain compliance for financial transactions and loan applications.
