The time to file your tax returns is coming soon

DO I NEED TO FILE AN INCOME TAX RETURN EVEN IF MY TAXABLE INCOME IN BELOW THAN THRESHOLD LIMIT?

If your total taxable income is below the threshold limit, you may not be required to file an Income Tax Return (ITR). However, there are certain circumstances in which you may still need to file a tax return even if your income is below the threshold limit. These include:

1. You have earned income from foreign sources or have foreign assets.
2. You have deposited more than Rs. 1 crore in one or more bank accounts during the financial year.
3. You have incurred a loss under any head of income, and you wish to carry forward this loss to the subsequent year(s) for set off against future income.
4. You are eligible to claim a refund of taxes paid during the financial year.
5. You have made investments in specified assets, such as shares or mutual funds, and wish to claim tax benefits on such investments.
6. You are a resident individual and have signing authority in a foreign account.

It's important to note that even if you are not required to file a tax return, it's still advisable to file one if you have any income that is subject to tax deductions at source (TDS) but not reflected in your Form 26AS. This will help you avoid any notice from the Income Tax Department in the future.