There is a section who do not have to file their returns mandatorily even though have earned some sort of income during the year. Now, even though filing of ITR is not mandatory for some, there are certain benefits that one can avail of provided the ITR has been filed. Here are few of those.
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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).
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Who needs to file ITR Mandatorily? If your total gross income in FY 2018-19 was more than the taxable limit, you need to file your income tax returns. The limit was as follows: For people less than 60 Years of age – Rs 2.5 Lakhs; For people between 60 to 80 years of age – Rs 3 Lakhs
4. ITR is needed to claim any tax deductions: The Rs 2.5 lakh exemption limit is on your gross income. So, if your income is higher than rs. 2.5 lakh, and you are seeking various tax exemptions to bring your income below that level, you will need to file your income tax returns.
Benefits of Filing ITR (Income Tax Return) even if you are below taxable bracket If you don’t file ITR, the belated return could lead to extra interest at 1% per month for the remaining tax payable by you.
#FinancialBytes: Reasons to file ITR even if income is non-taxable. However, for a number of good reasons, all earning citizens of India should file yearly ITRs within stipulated deadlines. Here are top 9 benefits of filing ITR even if your income is below the taxable bracket.
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Why Should You E-File Your Tax Returns .. The Income Tax Return filing receipt serves as an important document. Also, it is much more detailed than the Form 60.. In case the taxpayer’s taxable income falls below the basic income slab of Rs.250,000,
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If your total income is below the tax threshold, you can submit Form 15H to the banks seeking. Details of the SA tax paid challan are required to be updated in the income tax return before filing..