Income Tax Return (ITR) 2025 filing season in India drives because of the new deadline approaches, September 15, 2025. However, questions around filing necessities for the freelancers, unemployed individuals, and students are trending on search engines.
Whereas salaried individuals frequently have their taxes deducted automatically by employers over Tax Deducted at Source (TDS), various non-salaried groups continue to be unclear about their filing requirements.
Though filing ITR is not officially mandatory for individuals earning below the taxable income, specialists highlight multiple long-term profits of voluntarily submitting returns, even for those without any fixed source of income.
ITR Filling AY 2025-26 Deadline: Income Proof Essential for Financial Services
Filing an ITR can help as valid proof of income, frequently required when applying for any personal loans, education loans, student visas, or government grants and scholarships. Lacking ITR documents, applicants may face trouble in financial analysis or verification procedures.
For freelancers and show workers, who may not have constant income documentation, ITR filings turn to be a formal financial record. It can be used as backing applications and assist as a financial history instead of salary slips.
Claim Tax Refunds and Carry Forward Losses for ITR Filling AY 2025-26 Deadline
If any TDS has been subtracted on earnings, whether from freelance work, fixed deposits, or part-time pacts, ITR filing is the only way to claim a refund. Moreover, taxpayers can carry forward assets’ loss for up to eight assessment years. This provision allows set-offs against upcoming capital gains, provided that long-term tax break.
ITR filing FY 2024-25: Necessary for High-Value Transactions and Credit
Banks and financial establishments often demand ITR documents when dispensing loans or credit card requests. Additionally, individuals creating high-value financial transactions (e.g., deposits over Rs.40 lakh) may face enquiry if their tax records are absent. Earlier ITR filings can support financial credibility during such reviews.
Also Read: ITR Filling AY 2025-26 Deadline: ITR Filing For Teachers In 2025? Here’s Why You Shouldn’t Ignore It
Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
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