Income Tax Filing - Applicability, Procedures & Compliance
At Vetri Audit Services Private Limited, we ensure that your income tax filing process is accurate, timely, and fully compliant with Indian tax laws. Whether you are an individual, business, or corporate entity, understanding income tax return (ITR) applicability is the first step toward responsible financial management.
Who Should File an Income Tax Return (ITR)?
Income Tax Return (ITR) filing is mandatory for certain individuals and entities based on their income, source of income, and specific financial situations. You are required to file an ITR if your total income (before deductions and exemptions) exceeds the threshold limit prescribed under the Income Tax Act for a financial year.
Basic Exemption Limits for FY 2024-25 (AY 2025-26)
| Category | Age | Exemption Limit (₹) |
|---|---|---|
| Individual (Men/Women) | Below 60 years | ₹2,50,000 |
| Senior Citizen | 60 to 80 years | ₹3,00,000 |
| Super Senior Citizen | Above 80 years | ₹5,00,000 |
| Hindu Undivided Family (HUF) | Not Applicable | ₹2,50,000 |
| Partnership Firm / LLP | Not Applicable | Filing Mandatory |
| Company | Not Applicable | Filing Mandatory |
Note: All companies, firms, and LLPs must file income tax returns regardless of income level.
Mandatory Filing - Even If You’re Income is Below the Exemption Limit
You must file an ITR if any of the following apply:
- You wish to claim a refund of TDS or advance tax.
- You are a company or partnership firm/LLP.
- You earned capital gains (e.g., from shares, property).
- You earned income from multiple sources.
- TDS has been deducted, and you wish to claim it back.
- You have foreign income or assets.
- You want to carry forward business or capital losses.
- You are a resident holding a foreign bank account or foreign assets.
- You are applying for a visa or loan – ITR acts as proof of income.
Other Scenarios Where ITR Filing is Compulsory
| Situation | Reason |
|---|---|
| Income exceeds the basic exemption limit | Tax liability arises |
| Income from business or profession | Required for compliance and tax audit |
| Income from property (e.g., rent) | Rental income may exceed exemption limits |
| Agricultural income (if taxable) | Applicable for high agricultural income cases |
| Resident with foreign income | Must report global income in India |
| Non-resident earning in India | Tax on Indian-sourced income is applicable |
ITR Filing Due Dates for FY 2024-25 (AY 2025-26)
| Category | Due Date |
|---|---|
| Individuals (non-audit cases) | 31st July 2025 |
| Taxpayers requiring audit | 30th September 2025 |
| Companies filing returns | 31st October 2025 |
| Transfer Pricing audit cases | 30th November 2025 |
Penalties for Late Filing
Filing your ITR after the due date can lead to financial penalties:
- ₹5,000: If filed after the due date but before 31st December 2025
- ₹10,000: If filed after 31st December 2025 but before 31st March 2026
- ₹1,000: If total income ≤ ₹5 lakh (late fee is capped)
Important: Late filing may also restrict your ability to carry forward losses, and interest may be charged on unpaid taxes under Sections 234A, 234B & 234C.
How Vetri Audit Services Can Help
Our expert team at Vetri Audit Services Private Limited assists with:
- Determining your ITR applicability
- Preparing and e-filing the appropriate ITR form
- Claiming eligible deductions and refunds
- Ensuring compliance with due dates and audit requirements
- Representing you in case of notices or assessments
Let us simplify your income tax filing experience with professional support and seamless service.
Contact us today for a consultation!
