Filing an Income Tax Return (ITR) is essential even if you are not required to pay any sort of tax. Know the cause below.
Saloni Kumari | May 22, 2025 |
ITR Checklist: Who Is Eligible to File, Due Date, Documents, and Details About ‘Zero Tax’
Filing an Income Tax Return (ITR) is essential even if you are not required to pay any sort of tax.
No Tax Upto Income of Rs. 12 Lakh
Many are under the belief that if your income is below Rs. 12 lakhs, then no tax is applicable to you under the new tax regime so no ITR filing required.
First, the no-tax limit of Rs 12 lakh is for the financial year 2025-26. Currently, you will be filing ITR for the financial year 2024-25. In this year, the No-Tax Limit was Rs. 7 Lakh. Also even if your income is less than 7 Lakh, ITR filing is required, as your income is still more than the slab limit.
Tax Slabs for financial year 2024-25: New Tax Regime
| Income Tax Slabs (Rs) | Income Tax Rate (%) |
| From 0 to 3,00,000 | 0 |
| From 3,00,001 to 7,00,000 | 5 |
| From 7,00,001 to 10,00,000 | 10 |
| From 10,00,001 to 12,00,000 | 15 |
| From 12,00,001 to 15,00,000 | 20 |
| From 15,00,001 and above | 30 |
Tax Slabs for financial year 2024-25: Old Tax Regime
| Income (In Rs) | Income Tax Rate (In %) |
| 0 – 2,50,000 | 0% |
| 2,50,001 – 5,00,000 | 5% |
| 5,00,001 – 10,00,000 | 20% |
| 10,00,001 and above | 30% |
Today we will discuss who needs to file an ITR, what the essential deadlines are, and what the meaning of “zero tax” is.
Every individual who have income exceeding the basic exemption limit should file an Income Tax Return (ITR). This thing is applicable to all individuals in the country, no matter if you are doing a job, have any business, freelancing, or self-employed.
If we discuss about the basic exemption limit, so, for financial year 2024-25, the basic exemption limit is Rs. 3 Lakhs for the individuals having an age of 60 years, under the new tax regime. Senior citizens having ages of 60, 79 and 80 years, the basic exemption limit is Rs, 3 and 5 lakhs respectively.
Additionally, if your income is below Rs. 7 lakhs, you are not required to pay any sort of tax on it, under the new tax regime. However, you still need to file an ITR to enjoy the benefit.
The Income Tax Department has issued the official due dates for the assessment year 2025-26. The due date is July 31, 2025, for a salaried employee, a freelancer or someone who does not require an audit. The due date is October 31, 2025, for the individuals who run businesses that require auditing. The due date is November 30, 2025, for those having international or domestic transfer pricing problems.
If by chance you miss these due dates, you will still be provided a deadline to file a belated or revised ITR till December 31, 2025. However, you may be asked for some amount as penalties and interest for missing the set deadline.
The government has given a big relief to individuals in the financial year 2025-26, according to Budget 2025-26. Individuals having an income of Rs. 12 lakhs are required to pay zero tax on it as per the new tax regime. However, you must file an ITR to enjoy the advantage.
For the financial year 2024-25, no tax is required to be paid at Rs 7 lakh.
Documents such as PAN and Aadhaar card are required while filing an ITR in addition to bank statements. Form 16, if you are a salaried employee, proof of any tax-saving investments, and forms such as 26AS and AIS that show your tax details.
It is advised that the process should be started much before the deadline to avoid errors and last-minute hustle.
It is essential to file an Income Tax Return (ITR) on time. Filing ITR timely assists in faster processing of any refunds and avoids unrequired attention from the income tax department.
Additionally, it assists you if you are applying for credit or a visa or providing financial proof for any official cause.
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