Should individuals with Income below taxable limit file returns?
This is a question, we often get. My income is below the taxable limit, Rs. 250,000 for AY 2019-20. Should I file a tax return?
The answer to the question generally is Yes. You should file a return even if you are below the taxable limit. Why? Because filing return has several benefits such as:
And lastly, filing a return will ensure your inclusion in the formalization of the financial system. As your salary goes up over the years, you will be obliged to file returns.
So why wait? You can start the process now to reap the above benefits. If you are worried about the cost of filing the return, there are several websites that can do it for free or for a very low price. Go ahead, file your return.
Rupee Tax – making every rupee count