Do you need to file ITR even your total income did not exceed the basic exemption limits? 

Yes, From Assessment Year 2020-21 it mandatory to file ITR for an assessee  who is not a company or a firm but who otherwise is not liable to file Income Tax Return of Income, if he or she satisfy any of the condition during the previous year:-

1.     If he/she has deposited an amount (or aggregate of amount) in excess of Rs.1,00,00,000/- in one or more current account maintained with a banking company or a       co-operative bank, or

2.     If he/she has incurred expenditure in excess of Rs. 2,00,000/- for himself or any other person for travel to a foreign country, or

3.    If he/she has incurred expenditure in excess of Rs. 1,00,000/- towards consumption of electricity, or

4.     If he/she fulfills such other conditions as may be prescribed.

Where Capital Gain arisen but no Tax Liability

Further there were instances where assessee (being individual, huf, association of persons or body of individuals or artificial juridical person) earned huge capital gains on transfer of capital assets; however after claiming various deductions and exemption as provided in section 54, 54B, 54D, 54EC, 54F, 54G, 54GA or 54GB, their total income did not exceed the basic exemption limits and hence such assesses were not under any obligation to file their return of income.

An amendment has been brought vide Finance (No.2) Act, 2019 applicable for returns filed for AY 2020-21 onwards, which provides that the persons in whose case, if the total income, before allowing the above mentioned deduction, exceeds the maximum amount not liable to tax, would also be required to file their return of income by the due date.

Therefor if you have earned profit on sale of any capital asset during the year which is more than the exemption limit , you must file Income Tax return even there is no tax liability because of deduction claimed for reinvestment in other property or in bond etc.

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