Or, if you file a joint return, you are required to pay income taxes on yourif you and your spouse have a total combined income of $32,000 or more. Furthermore, if you are married and file a separate tax return, you likely will have to pay taxes on your Social Security benefits.
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Even if you are not in the taxable income bracket, you should file your tax returns to avail various benefits. 6 Benefits Of Filing Your ITR-And Why You Should File On Time Home
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Conversely, you may also lose out on a tax refund owed to you by not filing your taxes. Additionally, even if you belong to the exempt category (before 80c deductions), filing your tax return can have a beneficial impact in more than one aspect of your life, that you never probably considered. Top 5 Benefits of Filing Income Tax Return
ITR can be filed even if you have nil income or your gross total income is below the minimum taxable limit. The benefits of filing income tax return on time are multiple. Let’s explore how. The.
No it is not mandatory to file Income Ta Return if you have no income and/or no taxable income. Having said that, there are few things you should always remember: – 1. If you have filed income tax in previous years, it is advisable (not mandatory).
(MENAFN – NewsBytes) #FinancialBytes: Reasons to file ITR even if income is non-taxable 01 Aug 2018 Many people a
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But sometime due to last minute rush they might end up making mistakes. The common Income tax mistakes may cause penalty or notice. If you are about to file your income tax return, here is list of 25 common income tax mistakes you should avoid. 25 Common Income Tax mistakes to avoid while filing ITR. Mentioning Wrong PAN number
It’s important to file tax returns even if you fall below the taxable limit but tax has been deducted on income like interest on fixed deposits in order to claim the TDS refunds.