Requirement of Filing the Income Tax Return:

All categories of Assesses including Individuals, HUF, Firms and Body Corporates are required to file their Income Tax Return every year by the prescribed due dates.

Individual Taxpayers are required to file their income tax return if their taxable salary is more than Rs.2,50,000 in any financial year.

Due Dates for filing the ITR :

Due dates for filing the Income Tax Returns for different categories of Taxpayers are given below:

• Individuals, HUF,AOP & BOI are required to file the ITR by 31^st July every year in respect of the previous Financial Year.
• Business entities which are subject to get their Accounts Audited under any law, are required to file the ITR by 31^st October every year in respect of the previous Financial Year.
• Business entities which are required to submit Transfer Pricing Report under section 92E of the Income Tax Act, are required to file ITR by 30^th November every year in respect of the previous Financial Year.
• If any person listed above, failed to file ITR by the due dates listed above, then the Belated Return under Section 139(4) can be filed by 31^st December.

Who is not required to file the ITR ?

• Any Individual, whose total income does not exceed the basic exemption limit, is not required to file the ITR. Currently this basic exemption limit is Rs.2.5 Lakh
• Subject to the fulfilment of certain requirements outlined in the Income Tax Act of 1961, super elderly persons 75 years of age and above are also not required to file their income tax returns. 

What is Financial Year & Assessment Year for filing of ITRs :

Any period starting with 1^st April of any year and ending with 31^st March of the next year is known as Financial year. Next financial year is known as Assessment Year. For example for the period starting with 1^st April 2021 to 31^st March 2022, the financial year will be 2021-22 and the Assessment Year shall be 2022-23.

What happens if you failed to file the ITR  by Due Dates:

If you missed to file your ITR by the specified due dates, then you can file the belated ITR by paying penalty prescribed under section 234F of the Income Tax Act, which is Rs.1000 for small taxpayers having taxable income upto Rs.5 Lakh and Rs.5000 for other taxpayers having taxable income more than Rs.5 Lakh.

Also Read: Is Share Market Income Taxable or Tax Free?

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Has agricultural income become a tool for money laundering in India? (indiatimes.com)