SillyNugget
ITR return- mandatory or not? will it cause any penalties/notice from IT
TC-7.2 lpa in which taxable salary after standard deductions is somewhere 6.9L.
Also I have no extra source of income, nether booked any profit in stocks, mf for last 1 year or more. Will it cause any issue if I don't file ITR - suppose I switch company this year then while filing ITR in next year will they cause any problems??
Please guide.
16mo ago
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SparklyPickle
SAP16mo
it's always good to file ITR even tax is 0%
DerpyQuokka
EY16mo
It helps in things like getting loans. So yeah it’s good to have this.
SillyWalrus
EY16mo
It’s mandatory .. and good to file even when tax is zero
DerpyMuffin
IBM16mo
In your case it’s mandatory as your annual pay exceeds exemption limits.
GroovyCupcake
Stealth16mo
Firstly if ur income exceeds basic exemption limit which is 2.5 lacs, itr filing is mandatory. Plus as others hv pointed out, it is useful in getting loans etc
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