For the fiscal year 2024-25, individuals must file income tax returns if their taxable income surpasses ₹3 lakh under the new tax regime or ₹2.5 lakh under the old tax regime. This requirement ensures that taxpayers comply with the regulations set by the government to maintain transparency and accountability in financial dealings. The filing obligation extends beyond just income thresholds; it also includes those engaged in significant financial activities. Individuals who have conducted high-value transactions, such as substantial bank deposits, incurred considerable expenses on foreign travel, or paid large electricity bills, are also mandated to file their returns.

The rationale behind these requirements is to capture a comprehensive picture of an individual’s financial activities, ensuring that all potential tax liabilities are accounted for. High-value transactions often indicate a level of financial activity that warrants scrutiny to ensure compliance with tax laws. By mandating the filing of returns in these cases, the government aims to curb tax evasion and promote a fair taxation system.

Moreover, these regulations are part of a broader strategy to enhance the efficiency of tax collection and widen the tax base. As more individuals engage in high-value transactions, it becomes crucial for the tax authorities to monitor these activities closely. This approach not only helps in identifying potential discrepancies but also aids in fostering a culture of compliance among taxpayers.

Taxpayers should be aware of these obligations and ensure timely filing to avoid penalties. Understanding these requirements is essential for effective financial planning and compliance with legal obligations. As fiscal policies evolve, staying informed about such changes can help individuals manage their finances better and contribute to a transparent economic environment.