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Form 16 is one of the important documents needed to file your ITR and you have to obtain this document from your employer. Even if you have left your job, you can demand for it from your previous employer. Part A. This part of the Form includes: Your gross salary (salary without any deductions) including any prerequisites received by you.
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
Here are top 9 benefits of filing ITR even if your income is below the taxable bracket. Here are 10 benefits of filing ITR even if you are below the 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.
Also, if you are an Indian resident and have assets or investments outside the country, it is mandatory for you to file returns even if your income is not taxable. If you don’t fall in any of these categories, it’s not mandatory for you to file an ITR. However, even if you have zero tax liability, filing tax returns has an array of advantages:
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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.
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.
FAQ: The benefits of filing income tax return Next Investmentyogi.com lists 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.
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).