An individual require filing income tax return, if his/her gross total income exceeds the basic exemption limit of income of Rs.2.5 lakh before permissible deductions under Sections 80C to 80U. The people with gross total income below exempted limit of Rs.2.5 lakh or Senior citizen of above 60 years and below 80 years with gross total income of Rs.3 lakh or super senior citizen of above 80 years with gross total income of Rs.5 lakh before permissible deductions under Sections 80C to 80U need not mandatorily file ITR.
However, in the following cases even though the income is below above mentioned basic exemption limit, individuals would be required to file ITR in India.
Even if the income is below the basic exemption limit, an individual should consider filing a ‘Nil Return’ to keep a record. There are several instances where income tax return serves as a proof of income while applying for a passport or taking a loan from the bank in case of self-employed people. If TDS has been cut on some investment made one will have to file the ITR to claim refund of the same. Income tax rules allow carry-forward losses to set them off against capital gains only to those who file ITR in the relevant assessment year. ITR filings are taken as valid income proofs in establishing income proof in compensation cases of accidental death or disability of self-employed persons.
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