The deadline for filing Income Tax Returns (ITR) is approaching. If you haven't filed your ITR yet, do so as soon as possible. 15 September 2025 is the last date for filing ITR. If you fail to file your ITR by this deadline, you can file a belated return until 31 December 2025. However, you will have to pay a late fee. In this article, we will tell you about five transactions after which filing an ITR becomes mandatory.
If an individual spends ₹200,000 or more on foreign travel during a financial year, they must file an Income Tax Return (ITR). This amount can be spent at once or as a total throughout the year. The ITR filing portal will ask taxpayers: “Did you spend ₹200,000 or more on foreign travel for yourself or any other person?” Taxpayers will have to tick ‘Yes’ or ‘No’. If they select ‘Yes’, they must also disclose the amount spent.
If you possess foreign assets, have foreign income, or are a signing authority on foreign accounts, filing an ITR is mandatory. Taxpayers are required to disclose such information to maintain transparency with tax authorities and comply with regulations. Any dividend received from foreign shares is taxable. Furthermore, taxpayers must report details related to their foreign shares, securities, accounts, etc., in Schedule FA (Foreign Assets) in the ITR.
Filing an ITR is mandatory if Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) exceeds ₹25,000 in a year. This condition ensures that individuals with substantial tax deductions or collections report their income accurately. Additionally, professionals whose gross receipts from their business exceed ₹1,000,000 must also file an ITR.
Filing an ITR is also mandatory if an individual has deposited more than ₹10,000,000 in total in Current Accounts or more than ₹5,000,000 in total in Savings Accounts during a financial year. The tax department uses this criterion to monitor substantial cash transactions and maintain financial scrutiny.
If a taxpayer has paid electricity bills totalling ₹100,000 or more in a financial year, filing an ITR is mandatory.
