To File or Not to File?

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.

are you planning to invest more in the future ?

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), and Tax Saving MFs (ELSS funds) which have a lockin period but help you claim deductions under sec 80C to 80G of Income Tax Act. The new regime doesn't let you claim any investment / deduction benefits from your own part. And who knows this or next year maybe the last time you'll be filing an ITR under old regime. So cherish it, by the time you have your total taxable income under exemption limits. :)

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. You can file it quite easily from the income tax website

Do file if there's any TDS (maybe from internship stipend or fd interest)

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 earning

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.

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 come under the limit. Check about the new and old tax regime for the limit. Now if you have PAN and you've linked your accounts. You should be able to see all the info in the income tax portal. It is good to file ITR for the FY before 31st July. Currently, it is FY 2024-25. Starting from 1st April 2024 to 31st March 2025. And the return filing window will start from 1st April 2025. So you have time to learn.