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Filing Income Tax Returns

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Some of us might not be in taxable slabs and might be feeling that there is no need to file an income tax return.

If we have some form of income (even though not taxable per se), filing IT return will help in the long term.

It gives a continuity to your tax returns.

It helps you when applying for a loan, particularly housing loan.

It helps you avoid IT Dept notices in future, particularly if you are into stock trading, made high value transactions or even cash deposit during demonitization.

It is better to use a tax consultant or an auditor for filing your returns, particularly if you are filing for the first time.

However, if you feel you can do work out the math, you can file from efiling websites such as the income tax website, cleartax or even from select net banking accounts.

Where to show Capital Gains from Debt mutual funds in our IT Return?

In the ITR2 form, go to Schedule CG and in A5 called "From sale of assets other than at A1 or A2 or A3 or A4 above", we can fill the details related to capital gains related to debt funds.

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