Book Consultation

Income Tax Return Filing

Income Tax Return (‘ITR’) Filing in India is annual compliance, which is to be followed by all taxpayers.

 

Individuals

Applicability of Filing Income Tax Returns in India

Person is liable to file ITR if its total taxable income in India in the relevant Financial Year {F.Y} (April –March) exceeds the basic exemption limit i.e. INR 2,50,000 (old regime) and INR 4,00,000 (new regime) for the Relevant Financial Year.

However in following cases filing of return becomes mandatory even if total taxable income does not exceed basic exemption limit. Following are the conditions

  1. Return filing is mandatory where aggregate deposits in one or more current accounts exceed ₹1 crore during the financial year
  2. Return filing is mandatory where aggregate deposits in one or more savings bank accounts exceed ₹50 lakh during the financial year
  3. Return filing is mandatory where expenditure on foreign travel exceeds ₹2 lakh in the financial year
  4. Return filing is mandatory where electricity consumption expenditure exceeds ₹1 lakh in the financial year
  5. Return filing is mandatory where total business turnover exceeds ₹60 lakh during the financial year
  6. Return filing is mandatory where gross professional receipts exceed ₹10 lakh during the financial year
  7. Return filing is compulsory where aggregate TDS/TCS credits equal or exceed ₹25,000 (₹50,000 for senior citizens) during the financial year
  8. Return filing is mandatory where the assessee holds any foreign asset, has signing authority in a foreign account, or derives income from a foreign source
  9. Return filing is required where the assessee intends to claim a refund of taxes or carry forward any business or capital loss

Non-residents generally have the following kind of income which is taxable in India

  • Rent from House Property
  • Capital Gains from Sale of Mutual Funds, Shares
  • Dividend income from Shares, Mutual Funds
  • Capital Gain from sale of Property
  • Interest Income from Bank Account (NRO, NRE Account)

Residential status

Residential Status is a key factor in the determination of the taxability for the Filing of Income Tax returns in India. A person may be resident and ordinarily resident (ROR), resident but not ordinarily resident (RNOR) and non-resident (NR). A person who is a ROR has to offer global income in the ITR. However, in the case of NR, foreign income is not taxable in India and only Indian Income shall be offered for tax in the ITR.

Due Dates of Filing ITR in India

Every person not having income from business or profession is required to submit a return of income by 31st July every year for the income earned during the prior year ending 31st March

Every person having income from business or profession and whose accounts are not required to be audited is required to submit a return of income by 31st August every year for the income earned during the prior year ending 31st March. In case, whose accounts are required to be audited is required to submit a return of income by 31st October every year for the income earned during the prior year ending 31st March.

Further, in case, person is required to furnish report of transfer pricing is need to submit a return of income by 30th November every year for the income earned during the prior year ending 31st March.

Company

Income Tax Return (‘ITR’) Filing in India is annual compliance, which is to be followed by all taxpayers. Companies are not an exception for this. For Company, the Process of Filing Income Tax returns is more important. Also, Company are more compliant with their duties about tax compliances.

Applicability of Filing Income Tax Returns in India

A company is required to file an Income Tax Return (ITR) in India for the relevant Financial Year (April-March), irrespective of whether its total taxable income exceeds the basic exemption limit or not.

Residential status

Residential Status is a key factor in the determination of the taxability for the Filing of Income Tax returns in India. A person being Company, who is a Resident, has to offer global income in the ITR. However, in the case of Non-Resident (NR), foreign income is not taxable in India and only Indian Income shall be offered for tax in the ITR.

Due Dates of Filing ITR in India

Every person being Company is required to submit a return of income by 31st October every year for the income earned during the prior year ending 31st March. In case of the Company who is required to furnish report of transfer pricing is need to submit a return of income by 30th November every year for the income earned during the prior year ending 31st March.

 

Trust

Income Tax Return (‘ITR’) Filing in India is annual compliance, which is to be followed by all taxpayers. Trusts are not an exception for this. For Trusts, the Process of Filing Income Tax returns is more important. Also, Trusts are more compliant with their duties about tax compliances.

Applicability of Filing Income Tax Returns in India

A person being Trust is liable to file ITR if its total taxable income in India without giving the exemption under section 11 and 12 in the relevant Financial Year {FY} (April – March) exceeds the basic exemption limit for the Relevant Financial Year.

Residential Status

Residential Status is a key factor in the determination of the taxability for the Filing of Income Tax returns in India. A person being Trust, who is a Resident has to offer global income in the ITR. However, in the case of Non-Resident (NR), foreign income is not taxable in India and only Indian Income shall be offered for tax in the ITR.

Due Dates of Filing ITR in India

Every person being Trust is required to submit a return of income by 31st October every year for the income earned during the prior year ending 31st March. In case of the Trust who is required to furnish report of transfer pricing is need to submit a return of income by 30th November every year for the income earned during the prior year ending 31st March.

Advance Tax Computation

Advance tax refers to the income tax paid by an assessee during the financial year before the assessment year. Under this mechanism, taxpayers estimating their annual income pay tax in specified instalments rather than paying the entire amount at the end of the year.

Applicability of Advance Tax

Advance tax is payable by:

  • Individuals
  • Hindu Undivided Families (HUFs)
  • Companies
  • Partnership firms
  • LLPs
  • Professionals and freelancers

Applicability Threshold

Advance tax becomes payable if total tax liability for the financial year exceeds ₹10,000.

Exemptions
Advance tax not required for:

  • Resident senior citizens (60+ years) not having income from business or profession
  • Assessees under presumptive taxation (Sections 44AD/44ADA) need to pay 100% by 15th March

Instalments of Advance Tax

For Taxpayers (Other Than Presumptive Taxation)

Due Date Advance Tax Payable
15th June At least 15% of total tax liability
15th September At least 45% cumulative
15th December At least 75% cumulative
15th March 100% of total tax liability
31st March Last date to pay any shortfall

For Presumptive Taxation (44AD/44ADA)

  • 100% of tax payable by 15th March.
Related Services
Tax Deduction and Collection Account Number (TAN)

TAN is a 10 digit alphanumeric number and is used as an abbreviation for Tax Deduction and Collection Account Number....

Permanent Account Number (PAN)

Permanent Account Number (PAN) is a unique 10-digits alphanumeric number allotted by the Income Tax (IT) Department. The IT Department...

Overseas Remittance (Form 145 & Form 146)

With increasing global business transactions and cross-border payments, the Indian Income Tax Act mandates specific compliance for foreign remittances. Two...

Online responses to Income Tax Department

Online responses to the Income Tax Department form an essential part of modern tax compliance. With the digitisation of assessments...

Income Tax Advisory Services

  Tax Advisory services include Guidance on tax planning Guidance on tax compliance Guidance on tax dispute resolution Tax optimization...

Get Expert Help from Anywhere in the World

Schedule a consultation with our NRI specialists.

Book a Call

© 2026 NRI Advantage. All rights reserved.