Who should file ITR?

Any individual who has income should file Income Tax Return. Currently, if you are below the age of 60 and have an income up to Rs.2.50 lacs, you are exempt from tax. Any income above Rs.2.50 lacs is taxable. And you have to file the return irrespective of whether you have paid your tax or not. So, if you were under the impression that since your employer has deducted the required taxes and deposited with the central government on your behalf, it is not necessary for you to file any return, then you are wrong.

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