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Home > Income Tax > Help Center > Who should eFile Last Updated: Jun 01st 2024

Who should file Income Tax Return in India - Calculator

IT Department mandates the taxpayers to file their income tax return who meets certain criteria. Use this calculator to know who should file Income Tax Return (ITR) in India. Useful for taxpayers who are residents (ROR or RNOR) of India, non-residents (NRI), having any income in India or abroad, owning a business, made certain type of transactions or having certain type of expenses in India.   Updated per latest Interim Budget 2024

  Who should file IT Return ?
Taxpayer Type ?
Total Income received in a Year ?

Other Situations to Consider *

Monthly House Rent payment is Rs. 40,000 or more?
Total TDS / TCS paid is Rs. 25,000 or more (for Sr. Citizens it's Rs. 50,000)?
Total Gross Receipts from Profession is more than Rs. 10L?
Deposited Rs. 50L or more in one or more Saving Accounts
Overall Bank / Digital (any channel) combined transactions crossed Rs. 30 Lakhs
Foreign Travel expenditure is more than Rs. 2L
Total Electricity consumption expenditure is more than Rs. 1L?
Total Sales, Turnover, or Gross Receipts in your business is more than Rs. 60L?
Total current account deposits exceeds Rs. 1 Crore
Resident with Foreign Assets, Foreign bank accounts, Foreign Income

* CBDT has released additional conditions for filing income tax returns if the income is less than the threshold limit vide notification 37/2022 dated 21st April 2022

Frequent asked Questions (FAQs)

1.Advantages of Income Tax Filing?

Past decades have observed low Income Tax filing Compliance in India, during recent years, Govt of India took stringent measures in enforcing the Income Tax Law by linking various benefits for prompt tax filers. Advantages of tax filing including but not limited to

  1. Get the Loans easier
  2. Avoid paying penalties, embarrassments
  3. Get your refund back on the excess tax payments
  4. Hurdle free for Foreign VISA Stamping with IT returns filing
  5. Improve your credit worthiness for future loans
  6. Be a good citizen to contribute in India's growth and get Peace of mind for you and the family.

2.What would be the impact of not filing Income Tax Return though required to file?

Well, it's the law, but that wasn't enforced in full force in India until recently. Post, Nov 08th 2016, Gov. of India took serious measures in taking the tax filing compliance to new heights. Dis-advantages of not filing your tax return in time are

  1. Rs. 10,000 fine for those who do not file their income tax returns (ITR) on time, starting 2018-2019 assessment year (AY).
  2. Rs. 5,000 will be imposed for those whose return submitted after the due date.
  3. Rs. 1,000 in penalty for small taxpayers with their total income not exceeding Rs. 5 Lakh
  4. and Rs. 1,000 for late filing of their ITRs
  5. In addition, belated filing may attract many other penalties / restrictions.
  6. Penalties under sections 271F
  7. Interest on due amount of Tax under Sections 234A
  8. Revision of a belated return is not allowed.
  9. Tax Refund without any interest from IT Department
  10. Restriction in not allowing losses to set-off against future income.

3.When to file income tax return in India?
  1. Individuals, HUF, AOP, Firm, BOI (not required to go through tax audit) – 31st July of relevant assessment year.
  2. Companies, taxpayers whose accounts needs to be audited – 30th September of relevant assessment year.
  3. Working Partners of a firm whose accounts are required to be tax audited – 30th September of relevant assessment year.

For latest due dates, visit Income Tax Calendar

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Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.