Not sure if you need to file your Income Tax Return in FY 2024-25? Here's a simple guide to help you check if ITR filing is mandatory for you.
Filing your Income Tax Return (ITR) might sound like something only big businesses or rich people do — but that's not true anymore.
In fact, a lot of salaried employees, freelancers, and even homemakers may now fall under the mandatory category for ITR filing in FY 2024-25. The government has introduced new criteria over the past few years, and missing out could mean unnecessary penalties or lost refunds.
If you’re wondering whether you really need to file an ITR this year, this blog will break it down in the simplest way possible — no jargon, just clarity. Whether you're new to taxes or just need a refresher, this is for you.
The Income Tax Department has made it compulsory to file returns under several conditions. If any of the following applies to you between April 1, 2024 and March 31, 2025, you must file your return — no matter what:
Let’s start with the basics. If your total income (before deductions) crosses the limit set for your age group, you’re required to file an ITR.
This includes all income sources — salary, rent, interest, etc.
If tax was deducted from your income (TDS) and you want that money back, the only way is to file an ITR.
Example: You earned ₹2.4 lakhs (below the exemption limit), but the bank deducted TDS on FD interest — you can’t get that refund unless you file your return.
Even if your income is below the exemption limit, depositing ₹1 crore or more in one or multiple bank accounts during the financial year makes ITR filing mandatory.
Taking that international vacation? If you’ve spent ₹2 lakhs or more on foreign travel (for yourself or someone else), you need to file an ITR.
If your total electricity consumption in the year led to bills of over ₹1 lakh, you're required to file.
Owning property, stocks, or bank accounts outside India? Or maybe you're earning income abroad? You’ll need to file an ITR — even if you don't meet the exemption limit.
In both cases, you fall under the mandatory filing list.
Still thinking, “What if I’m not on the list?”
Even if ITR filing isn’t legally required for you, there are still smart reasons to do it:
So, think of it as building your financial credibility — not just ticking a legal box.
Filing the right form is crucial. Here’s a quick breakdown:
| ITR Form | Who Should Use It |
|---|---|
| ITR-1 (Sahaj) | Salaried individuals with income up to ₹50 lakh and one house property |
| ITR-2 | Individuals/HUFs with capital gains or more than one house property |
| ITR-3 | Those with income from business/profession |
| ITR-4 (Sugam) | Individuals/HUFs/partnerships under presumptive taxation scheme |
Using the wrong form is one of the most common reasons for rejection or notices.
Filing ITR doesn’t need to be complicated. Here's a simple checklist to guide you:
So, think of it as building your financial credibility — not just ticking a legal box.
A lot of people unknowingly make small errors that lead to penalties or notices. Avoid these:
Even a minor mistake can delay refunds or trigger unnecessary scrutiny.
Let’s be honest — taxes aren’t fun for everyone. That’s where Trakintax steps in.
We’re not just another tax portal. We're your personal tax team, offering human help (not just bots), tailored services, and full support — whether you’re a first-time filer or a business owner juggling multiple incomes.
Here’s what we offer:
Basically, we take the stress out of tax season.
To wrap it up — if your income or transactions fall under any of the criteria listed above, you must file your ITR for FY 2024-25. Even if it’s not mandatory for you, doing it voluntarily is a smart financial move.
The deadline will sneak up before you know it. Take action now, avoid last-minute panic, and stay on top of your finances.
Still not sure if you need to file ITR this year? Or confused about which form to use? Don’t worry — Trakintax is here to help. Get in touch with us today for expert, affordable, and hassle-free ITR filing.