Online Submission of Income Tax Returns in India for FY 24-25
For individuals, businesses, and other entities in India, filing an Income Tax Return (ITR) is a crucial annual requirement. Here's a guide to help you navigate the process for the Financial Year (FY) 2024-25, particularly for Non-Resident Indians (NRIs).
## General Requirements for Filing ITR
1. **PAN Card**: A Permanent Account Number (PAN) card is essential for filing ITR. Ensure your PAN is linked with your bank account for any potential refunds.
2. **Aadhaar Card**: While not mandatory for NRIs, residents are required to provide an Aadhaar card or enrolment ID.
3. **Income Criteria**: If your annual income exceeds ₹3 lakhs or if you have income taxable at special rates (e.g., capital gains, dividend income), filing an ITR is mandatory.
4. **Forms**: The form you need to file depends on your income sources. For instance, ITR-1 is for individuals with income from salary, pension, or one house property, while ITR-3 is for self-employed individuals or those with business income.
5. **Access to Income Tax Portal**: Make sure you can log in to the e-filing portal (
## Additional Requirements for NRIs
1. **Passport and Visa**: Submit your passport and visa, along with the pages showing Indian immigration entry and exit stamps.
2. **Bank Statements**: Provide NRO, NRE, and Indian Savings Account statements for income verification.
3. **ITR Forms for NRIs**: NRIs typically use ITR-2 for filing, which covers overseas income and assets.
4. **Property Income Details**: If you have rental income from property in India, provide the property address, rental income, tenant details, and municipal taxes paid.
## Deadline for Filing ITR
The deadline for filing ITR for Assessment Year (AY) 2025-26 has been extended to September 15, 2025.
Missing the deadline for filing ITR could incur penalties, hamper chances of getting a visa for travel, and mess with loan applications. Therefore, it's advisable to file your ITR promptly.
Filing ITR voluntarily, even if your income is below the threshold, can help you stay compliant with tax laws, avoid penalties, claim refunds, and carry forward any losses for future tax benefits.
For more detailed information, visit the Income Tax Department's official website ().
To stay compliant with Indian tax laws and possibly claim refunds, consider filing your ITR voluntarily, even if your income is below the threshold. For NRIs, it's essential to understand that mutual funds and other financial aspects such as capital gains, personal-finance education, and self-development can have implications for the required income disclosures when filing ITR, in addition to the regular requirements like PAN card, Aadhaar card, and bank statements.
