Income less than Rs 3 lakh/annum? You’ll still need to file ITR, too, thanks to this

Say that your salary is Rs 2.5 lakh and your Long-Term Capital Gains (LTCG), on account of selling some mutual fund units, are Rs 80,000. Using deductions like Section 80C (up to Rs 1,50,000) under the old tax regime, your taxable income comes down to Rs 1,80,000, which does not require any ITR filing. However, under the new regime, deductions under Section 80C are not available. Hence, your taxable income will be Rs 3,30,000, which would need an ITR filing.