Even if your income does not exceed the exemption limit of ₹2,50,000 / ₹3,00,000 (Old / New tax Regime), filing an Income Tax Return (ITR) can be beneficial for several reasons:

1. Claiming Refunds: If tax has been deducted at source (TDS) on your income, you can claim a refund by filing your ITR. This can happen in cases where your total income is below the taxable limit, but TDS has been deducted by your bank on interest income, or any other income.

2. Documenting Financial Health: ITR serves as a proof of your income and taxes paid, which is essential for various financial transactions, such as
• Applying for loans
• Insurance policies.
• Banks and financial institutions often require ITR receipts for the last 2-3 years as part of their documentation process.

3. Carrying Forward Losses: Filing ITR allows you to carry forward losses to subsequent years, which can be set-off against future income. This is particularly useful for businesspersons and investors who have incurred capital losses​​.

For Carry forward of losses Refer:

4. Visa Processing: Foreign consulates require you to submit ITR receipts for visa processing. This helps them assess your financial stability and ensures you have sufficient income to support yourself during your stay in their country.

These points highlight the importance of filing ITR even if your income does not cross the taxable threshold. It ensures financial documentation, and readiness for various fiscal opportunities and obligations.