Many salaried as well as retired individuals are under the impression that as tax has been deducted from their income; they do not have to file their ITR. Filing of an ITR is a distinct and different responsibility from payment of taxes on your income and both have to be discharged separately. So in order to clear doubts around this subject, let us discuss as to who is required to file an ITR? Please note this discussion is restricted to law applicable to individuals only.
As per the income tax laws, you have to file your ITR if the aggregate of all your income: called gross total income, exceeds the basic exemption limit before various deductions available for various investments and expenses under Chapter VIA, which comprises mainly Section 80C, 80CCD, 80D, 80TTA, 80 TTB etc. These deductions relate mainly to life insurance premium and health insurance premium, contribution towards EPF, PPF and NPS accounts, interest from banks, tuition fee for children, repayment of home loan etc.
Read more on: https://taxguru.in/income-tax/file-itr.html
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