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itr: Why you should file income tax return (ITR) even if your income is less than Rs 5 lakh

If you have an net taxable income below Rs 5 lakh, then you are eligible for income tax rebate u/s 87A which will essentially make your tax liability nil. Nonetheless you should file ITR because every person whose income is above the basic exemption limit is mandated to do so. ....

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