Post
Personal Finance
4mo (edited)
goldenfire
·
student at
Babu Banarasi Das National Institute of Technology and Management, Lucknow
To File or Not to File?
I'm a 20-year-old student who started investing in MFs a few months ago with my pocket money. I also receive some pocket money through UPI and have a couple of FDs in my name.
Recently, I landed an internship that'll pay me around 20k per month.
Should I file an ITR now, or can I wait?
Any advice would be super helpful!
gemsbond
4mo
works at
You can file ITR-1 in the new tax regime, you won't have any applicable tax as you won't reach the threshold anyways
Why I suggest this is cause of the interest the FD will generate and the bank will cut TDS from their end.
... see more
goldenfire
author
3mo
student at
Babu Banarasi Das National Institute of Technology and Management, Lucknow
@gemsbond Oh, thanks!
View 1 more reply
importantscorpion
4mo
works at
MFs are taxed only when you withdraw based on STCG/LTCG. FD and Savings accounts account will be taxed on interest earned. And your income, if you fall under the income tax limit will be deducted by your employer. In your case, 20k/month won't c... see more
goldenfire
author
3mo
student at
Babu Banarasi Das National Institute of Technology and Management, Lucknow
@importantscorpion Thankyouuuu
intenseparrot
4mo
An Assistant Manager
No you don't need to file, if you want to you can fill as Nill ITR (students can file it), in my opinion wait for it.
goldenfire
author
3mo
student at
Babu Banarasi Das National Institute of Technology and Management, Lucknow
@intenseparrot Thanks!
fashionabledodo
4mo
works at
If your total income doesn't cross 2.5L aka the basic exemption limit, then ITR doesn't need to be filed.
While it is good to start filing ITR early, filing blank ITR is just waste of time
Wait until you cross 2.5L in earni... see more
goldenfire
author
3mo
student at
Babu Banarasi Das National Institute of Technology and Management, Lucknow
@fashionabledodo Thankyouu
biryanienthu
4mo
An Assistant Manager
Do file if there's any TDS (maybe from internship stipend or fd interest)
goldenfire
author
3mo
student at
Babu Banarasi Das National Institute of Technology and Management, Lucknow
@biryanienthu Thanks for replying :)
ratracerebel
3mo (edited)
works at
Filing an ITR is always better for your financal health - why? You're smart to do a CHAT GPT.
But, as per me you must file an ITR under old regime by the time you're getting benefits from FDs (which will be taxed anyway), an... see more
goldenfire
author
3mo
student at
Babu Banarasi Das National Institute of Technology and Management, Lucknow
@ratracerebel Thanks a lot!
a senior executive
3mo
That's a great question! While you might be thinking, "I'm just a student, why bother with taxes?", it's worth considering the long-term benefits.
a data analyst
3mo
bhai aage jaakar wese bhi karna hi padega abhi se kyu padna hai in sab cheezon m🥲
hrterminator
3mo
currently not working
are you planning to invest more in the future ?
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