Is it necessary to file ITR if the total income exceeds the basic threshold limit?

I am 27 years and reside in Mangaluru. I have changed 2 jobs in a single financial year. My total taxable income individually in each of the organizations did not cross the basic taxable exemption limit. My combined income in these 2 jobs is INR 4 Lakhs. So I did not file my ITR. My friend told me that I must file ITR otherwise I can get a tax notice. I am worried. Should I file ITR?

Asked by : Yatish Gowda - Mangaluru | 304 Views

If your total income exceeds the basic threshold limit, then you must pay tax as per the income tax slab you fall under. Your total income is the income from all sources including your salary.As your combined income from both organizations is INR 4 Lakhs which has exceeded the basic threshold of INR 2.5 Lakhs, you must file ITR for the relevant financial year. You get a tax deduction under Section 80C up to INR 1.5 Lakhs per year, if you invest in certain financial instruments. Invest in these investments and save on tax.