Do you need to file ITRs or not?

Filing an ITR may sound like a complicated job, or one may even think that it is only meant for people with high salaries or rich people.

But did you know?

Whether you have to file or not depends only on certain conditions.

And even if you are exempt from filing, there are other good reasons to file that might make the ITR filing beneficial for you.

Old tax regime: Your annual income without deductions is <₹2.5 lakh if you are not a senior citizen, <₹3 lakh if you are a senior citizen, <₹5 lakh if you are a super senior citizen.
New tax regime: Your annual income is <₹3 lakh.
Age is over 75 and your only income is Pension and interest that is obtained after tax deductions.

You have yet to receive your tax refund.
You were deducted for TDS/TCS
You are going to apply for a passport, visa or loan – to show proof of your financial standing.
You are planning to carry forward losses
You simply wish to file it voluntarily, as a record of your income.

You have foreign income or foreign assets.
You own a company or a firm.
You deposited ₹50 lakh+ in a savings account or ₹1 crore+ in a current account
You spent over ₹2 lakh on foreign travel in a year
Your electricity bill was more than ₹1 lakh in the year
Your TDS/TCS is more than ₹50,000 if you are a senior citizen, ₹25,000 if you are not a senior citizen.
Every registered business, regardless of profit or loss, is required to file an Income Tax Return (ITR) annually as per Indian tax laws.

It’s safer and smarter to file, rather than making guesses about whether to file or not.

Filing helps to keep your financial records clean and organized.

@SNC helps individuals and businesses file their taxes the right way — simple, stress-free, and smart.

Don’t wait for a notice to act. Connect with us now to stay ahead in smarter tax filing.

Thank You!