Who needs to file INCOME TAX returns?
1. If your income exceeds the basic exemption limit, you
are required by law to file a income tax return
2. It also becomes compulsory for those who wish to carry
forward a loss or / claim a refund
3. If you have
long-term capital gains from equities (shares), then too you need to file a
return
4. Doing so will facilitate speedy processing of loans
(home loans / car loans) and registration of property.
5. It is also mandatory for getting a visa
(Budget 2017 announced a fee for late filing of income
tax return)
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