Attention taxpayers! Only two days are left to file your ITR. September 15 is the last date set for filing your Income Tax Returns (ITR) for FY 2024-25. There are misunderstandings that those earning less than ₹12 Lakh shouldn’t file the returns. But the reality is that anyone earning more than ₹3 Lakh must file an ITR. Missing the September 15 deadline can result in penalties of up to Rs 5,000 and potential notices from the income tax department.
Should Those Earning Less Than Rs 12 Lakh File ITR?
There is considerable confusion among people required to file ITR before September. Some taxpayers believe that individuals earning less than ₹12 lakh do not need to file their returns. This misconception arises from the government’s tax reforms announced in Budget 2025, which introduced a higher rebate of up to ₹12 lakh of income, applicable from this financial year.
Some taxpayers misunderstood the rule and assumed it had already come into effect. As a result, many online claims started spreading, suggesting that people earning below the income limit do not need to file their ITR. However, experts opine that filing ITR on time helps you avoid penalties and is often required for loans, credit cards, or government benefits that need proof of tax returns. Even if your income is below ₹12 lakh, filing ensures you stay free from fines or complications and keeps your financial record clean for the future. Filing ITR offline isn’t feasible now, as only one working day left for the last date. Hence filing ITR online is the only easy option available at this point in time.
How To File ITR Online Easily? – A Step-By-Step Guide
- Log in to the Income Tax Portal by entering your PAN and password
- Select the relevant Assessment Year and mode of filing ITR – click on Online, then “Continue”
- Select your applicable filing status i.e., Individual, HUF, or others and click “Continue”
- Before filing your income tax return, it’s important to choose the correct ITR form based on your income sources
- If you have capital gains income but no income from business or profession, you should file using ITR 2. – ITR 1 to ITR 4 are meant for individuals and HUFs
- Choose the Reason For Filing ITR
- If your taxable income is above the basic exemption limit, then choose the correct option.
- Fill in all the Information, Validate, Confirm, and Submit – PAN, Aadhaar, name, contact info, and bank details are pre-filled in your ITR. Carefully review and validate this information before proceeding. Ensure your bank account is provided and pre-validated.
- E-Verify ITR – The last and most important step is to verify your ITR within 30 days of filing. If you don’t verify, it will be treated as not filed. You can e-verify using Aadhaar OTP, EVC, or Net Banking. Or, you can send a signed physical copy of ITR-V to CPC, Bengaluru.
