ITR deadline tomorrow: What to select in the ‘reason for filing ITR’ field in your tax return form — Check here
With the July 31 income tax return (ITR) deadline now just a day away, the return filing season has entered its final and busiest phase. More than 5 crore ITRs have already been filed, reflecting a sharp surge in taxpayer activity as individuals rush to complete the process before the due date to avoid scrutiny.
However, one question on the ITR form seems to be confusing a lot of taxpayers: “Are you filing the income tax return for any of the following reasons?”. As a result, this query has emerged as one of the fastest-rising income tax-related searches on Google over the past three months.
This uncertainty stems from not knowing what the question really means as taxpayers are concerned that selecting the wrong option may result in tax notice or cause a delay in disbursement of their refund, according to a Upstox report.
Which option you should choose?
While filing your income tax return, you can choose either of these options if you fulfill the prescribed conditions:
In simple terms, the question seeks a rough overview of your tax return as taxpayers may be filing because of multiple reasons, including income above basic exemption limit, capital gains, tax refund claims, among others. Hence, taxpayers are advised to carefully consider each option before clicking on one.
Do you still need to file ITR even if your income does not attract tax?
Yes, one of the most reason for mandatory ITR filing is when your total income exceeds the basic exemption limit, meaning any income below this threshold can skip filing ITR if they meet the other prescribed conditions.
Under the old tax regime, the exemption limit is ₹2.5 lakh for individuals below 60 years, ₹3 lakh for senior citizens (60 years but less than 80 years of age) and ₹5 lakh for super senior citizens (80 years or more). Meanwhile as per the new tax regime, the basic exemption limit is ₹4 lakh for taxpayers of all age groups.
Here are some reasons that makes ITR filing mandatory:
- 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
The return filing deadline for those submitting ITR-1 and ITR-2 is tomorrow, July 31, 2026. This applies to employees, pensioners and students who have income from house properties, salary, capital gains, interest, among others and do not require to undergo and audit.
