Top Important benefits of filing ITR even if you are below taxable bracket

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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.

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

There are some solid reasons for acquiring a PAN card (if you don’t have one) and filing your ITR within the due date, which is 31st July every year. | FAQ: The benefits of filing income tax return

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If the income for individuals or as specified for different groups is below the taxable limit of Rs 2.5 lakh, then it is not mandatory to file the ITR. But in case you opt to file ITR, your tax liability would be ‘NIL’. Therefore, such a return filing is also known as NIL return.

If the income for individuals or as specified for different groups is below the taxable limit of Rs 2.5 lakh, then it is not mandatory to file the ITR. But in case you opt to file ITR, your tax liability would be ‘NIL’. Therefore, such a return filing is also known as NIL return.

(MENAFN – NewsBytes) #FinancialBytes: Reasons to file ITR even if income is non-taxable 01 Aug 2018 Many people a

The Earned Income Tax Credit and the Additional Child Tax Credit can be two very important sources of funds for moderate-to-low income families. tax credits are in my opinion the most attractive form.

However, it is not mandatory to file your Income Tax Returns if you have PAN card but no income. There are certain situations when you should file the ITR despite having income below the taxable.

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Income tax filing requirements change at age 65 even if you choose to keep working.. you may not be required to file an income tax return, but you can choose to file a tax return even when you.

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