My wife and I have not submitted any income tax returns thus far, as our income remains significantly below the taxable threshold. In the present financial year, my son and I secured a loan of fifteen lakh rupees to cover the expenses of my daughter's wedding. This amount was processed through both my and my wife's accounts for the wedding-related costs. Are we required to file an income tax return for this year? If so, must we continue to file returns in subsequent years, even if our income continues to be below the taxable limit?
I look forward to receiving responses from someone. Thank you in advance for your assistance.
CAclubindia
