If my total income is 4 lacs…from FDs, post office TDs and short term capital gains from equity shares trading but I have invested Rs.1.5 lacs in PPF and Rs. 25k in medical insurance premium…so now after deductions my income is Rs.2.25 lacs Do I need to file ITR ? Since my taxable income is NIL ! I have no other income.
Hi @Samir_Das
It is not mandatory if one’s income is less than the basic exemption limit but here are few points to consider:
It hardly takes few minutes to file the return but there are many potential benefits of filing an ITR …helps whenever we want to avail any credit facility, quicker visa processing or even helps you with stuff like getting higher insurance and many more.
And most importantly, it makes us a fully tax compliant citizen.
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