ITR deadline tomorrow: What to select in the ‘reason for filing ITR’ field in your tax return form — Check here

Which option you should choose?

• Taxable income above the exemption limit: If your income for the financial year exceeds ₹4,00,000 under the new tax regime and ₹2.5 lakh (for individuals below 60 years) under old regime, then choose this option.
• Claiming a tax refund: If you excess TDS or tax was paid and you want to get a refund of the same.
• Carrying forward losses: If you want to carry forward losses from shares, mutual funds, and business.
• Mandatory filing: If the income tax law requires you to file even if your income is below the exemption limit.
• Others: If none of the above options apply in your case but you still want to file your income tax return.

Do you still need to file ITR even if your income does not attract tax?

• Savings bank deposits exceed ₹50 lakh
• Current account deposits cross ₹1 crore
• Foreign travel expenses exceed ₹2 lakh
• Electricity bill exceeds ₹1 lakh
• You own foreign assets or have signing authority abroad