ITR filing FY2024-25: Who all can skip filing returns this assessment year

Taxpayers can now begin filing their Income Tax Returns (ITRs) for the financial year 2024-25 (assessment year 2025-26). The deadline for submitting returns has been extended to September 15, 2025.

According to Income Tax laws in India, individuals must file an Income Tax Return (ITR) only if their taxable income exceeds the basic exemption limit. If the individual's income falls below this threshold, it is not mandatory to file a return. The basic exemption limit varies depending on the chosen income tax regime.

For the old regime: The basic exemption limit is Rs 2,50,000.
For the new regime: The limit is set at Rs 3,00,000 for FY 2024-25.

For senior citizens (aged 60 to 80 years), the minimum gross income limit is Rs 3 lakh.
Super senior citizens (aged above 80 years) have a limit of Rs 5 lakh.

Senior citizen exemption under Section 194P

Introduced in the Union Budget 2021, Section 194P offers relief to certain senior citizens aged 75 years or older, sparing them from the requirement to file ITR, provided specific conditions are met:

The individual must be 75 years or above during the relevant financial year.

He or she must qualify as a resident in India for that year.

Income should be derived solely from pension and interest, with the interest earned from the same bank where the pension is credited.

A formal declaration needs to be submitted at the designated bank.

Only those banks notified by the Central Government are authorised. These banks will compute and deduct applicable TDS after adjusting for eligible deductions. Once TDS is deducted, the senior citizen will not be required to file an ITR.

Mandatory ITR filing in special cases

Even if taxable income is below the basic exemption, individuals must still file a return if they meet any of the following criteria:

A cumulative deposit of Rs 50 lakh or more in one or more savings bank accounts during the financial year.

Deposits totaling Rs 1 crore or more in one or multiple current accounts in a commercial or cooperative bank. (This does not apply to businesses.)

Gross turnover exceeding Rs 60 lakh in the financial year.

Professional earnings of over Rs 10 lakh during the year.

Annual electricity expenses crossing Rs 1 lakh.

TDS or TCS of Rs 25,000 or more in a year (Rs 50,000 or more for senior citizens).

Ownership or beneficial interest in foreign assets or foreign accounts, or having signing authority in any overseas bank account.

Spending more than Rs 2 lakh on international travel in a financial year.

Important ITR Filing deadlines for FY 2024-25

The final date to file ITR for this fiscal year is September 15, 2025. If this date is missed, a belated return may be filed before December 31, subject to penalties and limitations.

Category                                                                                    Deadline
Individuals/entities not requiring audit                                       September 15, 2025
Taxpayers requiring audit (excluding transfer pricing cases)    October 31, 2025
Taxpayers subject to transfer pricing regulations                      November 30, 2025
Belated or revised return for FY 2023-24                                  December 31, 2025