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Until recently, a person didn’t need to file a return if his taxable income was below Rs 2.5 lakh. But this year onwards, it doesn’t solely depend on the taxable income. Now, if the taxpayer has exempted income like long-term capital gains that crosses the basic exemption limit of Rs 2.5 lakh, he needs to file returns mandatorily.
For example, if an individual redeems equity mutual funds (MFs) worth Rs 3 lakh held for over a year and has no other income. The gains from the investment are tax-free. The entire income, therefore, is exempted from tax. But even
