Who Must File ITR in FY 2024-25? Find Out If You’re on the List

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.

Introduction

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.

Who Needs to File ITR in FY 2024-25?

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:

1. Who Needs to File ITR in FY 2024-25?

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.

Below 60 years: S₹2.5 lakhs Between 60 and 80 years (Senior Citizens): ₹3 lakhs Above 80 years (Super Senior Citizens): ₹5 lakhs

This includes all income sources — salary, rent, interest, etc.

2. You Want to Claim a Tax Refund

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.

3. You Deposited ₹1 Crore or More in a Bank Account

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.

4. You Spent ₹2 Lakhs or More on Foreign Travel

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.

5. Your Electricity Bill Crossed ₹1 Lakh

If your total electricity consumption in the year led to bills of over ₹1 lakh, you're required to file.

6. You Own Foreign Assets or Have Foreign Income

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.

7. Business or Professional Income Over Limits

If your business turnover exceeds ₹60 lakhs Or, if your professional receipts are over ₹10 lakhs

In both cases, you fall under the mandatory filing list.

Why File ITR Even If It's Not Mandatory?

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:

1. Claim tax refunds easily 2. Show income proof for loans, credit cards, or visa applications ₹3 lakhs 3. Carry forward losses (like capital losses from stocks or property) 4. Stay ready for future investments — many banks and agencies ask for ITRs as financial proof

So, think of it as building your financial credibility — not just ticking a legal box.

Which ITR Form Should You Use?

Filing the right form is crucial. Here’s a quick breakdown:

Using the wrong form is one of the most common reasons for rejection or notices.

How to File Your ITR: A Step-by-Step Guide

Filing ITR doesn’t need to be complicated. Here's a simple checklist to guide you:

1. Gather documents like Form 16, salary slips, bank statements, investment proofs, etc. 2. Choose the correct ITR form based on your income type. 3. Calculate your total income from all sources. 4. Apply deductions under Chapter VI-A (e.g., 80C, 80D). 5. Compute tax payable, if any. 6. Pay self-assessment tax if needed. 7. File your return online through the Income Tax e-Filing portal. 8. Verify the return via Aadhaar OTP, net banking, or by sending the signed ITR-V form.

So, think of it as building your financial credibility — not just ticking a legal box.

Common Mistakes People Make While Filing ITR

A lot of people unknowingly make small errors that lead to penalties or notices. Avoid these:

1. Using the wrong ITR form 2. Not reporting interest income from savings/FDs 3. Failing to link PAN with Aadhaar (mandatory!) 4. Mismatch between Form 26AS and ITR data. 5. Missing the deadline (usually July 31st for individuals)

Even a minor mistake can delay refunds or trigger unnecessary scrutiny.

Conclusion

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.