ITR filing is mandatory under Section 139(1) of the Income Tax Act 1961 if your total income exceeds Rs 4 lakh under the new regime or Rs 2.5 lakh under the old regime for individuals below 60. The Seventh Proviso to Section 139(1) was expanded in recent years to capture high-value transactions even where headline income is below the exemption threshold. Filing is also mandatory for refund claims, foreign asset disclosure and loss carry-forward.
Salaried Individuals: Single Form 16 with no other income files ITR-1 (Sahaj). Multiple Form 16, capital gains, more than two house properties, foreign RSUs or unlisted shares files ITR-2. Mandatory filing if total salary above basic exemption irrespective of TDS already deducted by the employer. View salaried ITR service →
Business Owners (Proprietors, Firms, LLPs): Proprietorship or partnership firm with turnover up to Rs 3 crore (cash receipts under 5 percent) can opt for presumptive taxation under Section 44AD via ITR-4 - presumed profit at 8 percent (6 percent for digital receipts). Above the threshold or where books are maintained, ITR-3 with full P and L. LLPs always file ITR-5 and cannot use Section 44AD. Section 44AB tax audit applies if turnover crosses Rs 1 crore (Rs 10 crore with 95 percent digital). View business ITR service →
Professionals (CA, CS, Doctor, Lawyer, Architect, Technical Consultant): Specified professionals with gross receipts up to Rs 75 lakh can opt for Section 44ADA presumptive taxation - 50 percent deemed profit on ITR-4. Above the threshold or where actual profit is lower, ITR-3 with full schedule. View professionals ITR service →
Freelancers and Consultants: Independent professionals not in the Section 44ADA specified list file ITR-3 with business income, or ITR-4 under Section 44AD if eligible. GST applicability check at Rs 20 lakh annual turnover. View freelancer ITR service →
F and O Traders: F and O is non-speculative business income under Explanation 2 to Section 28. Reported under ITR-3 with set-off under Section 70 against other heads except salary and 8-year carry-forward under Section 72. Section 44AB audit applies based on turnover (absolute sum of profits and losses). Intraday equity is separately speculative under Section 73. View F and O ITR service →
Crypto and VDA Investors: Flat 30 percent tax under Section 115BBH irrespective of holding period. No deduction except cost of acquisition. No set-off or carry-forward of VDA losses. 1 percent TDS under Section 194S on transfers above Rs 50,000. Reporting in ITR-3 Schedule VDA. View crypto ITR service →
Capital Gains Investors: Shares, mutual funds, bonds - Section 112A (equity, 12.5 percent above Rs 1.25 lakh) or Section 112 (debt and other) - reported in ITR-2 (no other business income) or ITR-3 (alongside business). Indexation removed post Finance Act 2024 for most assets. View capital gains ITR service →
Property Sellers: LTCG on house property held over 24 months with optional 1 April 2001 FMV cost basis. Section 54 reinvestment exemption for residential reinvestment, Section 54EC (Rs 50 lakh cap on NHAI/REC bonds), Section 54F for non-residential sale with residential reinvestment. View property sale ITR service →
Social Media Influencers and Content Creators: Brand collaboration income, AdSense revenue, sponsorship, content licensing under business head. Section 194R 10 percent TDS on benefits in kind. GST applicability at Rs 20 lakh turnover. ITR-3 with detailed P and L. View influencer ITR service →
Companies (Pvt Ltd, OPC, Public Ltd): ITR-6 filing mandatory regardless of profit or loss; nil ITR mandatory even in dormant years. Schedule III reconciliation with financial statements. MAT under Section 115JB. Section 115BAA (22 percent) or Section 115BAB (15 percent for manufacturing) regime selection. View company ITR service →
NRIs and Foreign Income Holders: NRI ITR mandatory if Indian-source income above basic exemption or for refund claims. Schedule FA mandatory only for Resident and Ordinarily Resident (ROR) - not NRI or RNOR. Form 67 DTAA Foreign Tax Credit filed before ITR. Form 1042-S (US dividends) and country-specific tax certificates attached.
Trusts, Section 8 Companies and NGOs: ITR-7 mandatory for trusts claiming Section 11/12 exemption. Schedule I for exempt income, Section 12A registration confirmation, 80G donation receipts, FCRA reporting for foreign contributions, Form 10B audit report for trust corpus.
High-Value Transaction Triggers (Seventh Proviso): Current account deposits above Rs 1 crore, savings deposits above Rs 50 lakh, electricity bill above Rs 1 lakh, foreign travel spend above Rs 2 lakh - mandatory filing irrespective of income.