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.
WrapedPearl3
Stealth
2 months ago
it's always good to file ITR even tax is 0%
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