Taxpayers, are you wondering whether to file income tax returns if your income does not fall under the category of taxable income? Though you are not required to file a return if your income is below the basic exemption limit depending on your age and chosen tax regime, certain types of income like capital gains and/or income from foreign assets would still require you to file an ITR. This is often termed as a “Nil ITR”. For tax deducted at source (TDS) from any income such as interest from a bank deposit, you need to file an ITR to claim a refund for the excess TDS, including other tax payments made during the financial year.