What is the minimum income threshold in India that requires individuals to file an Income Tax Return?

₹1,50,000 ₹2,00,000 ₹2,50,000 ₹3,00,000

Why might someone with an income below the minimum threshold choose to file an Income Tax Return?

To avoid late filing penalties To access government subsidies To demonstrate financial responsibility To claim tax refunds

What document might a lender require as proof of income when applying for a home loan?

Bank statements Salary slips Income Tax Return Property valuation certificate

How can filing Income Tax Returns benefit individuals who have experienced financial losses?

It allows them to claim refunds for past losses It helps them avoid taxes on future income It enables them to adjust for past losses in future tax calculations It provides them with legal protection against financial audits

What is a potential consequence of not filing an Income Tax Return, even if it's not mandatory for your income level?

Inability to open a bank account Restriction on international travel Difficulty in obtaining a credit card Ineligibility for government employment