Even if your salary does not fall in any of the tax brackets, you may have other incomes such as income from tax-free bonds, or other non-taxable sources, which amount over Rs. 2.5 lakh. You should file an ITR showing your non-taxable earnings, which could act as a proof for income.
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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.
· Paying Income tax is one thing, which most of the people do not like. Everyone tries to minimize their income tax by some or the other means. So today, I will be sharing with you the list of some income’s which are 100% tax-free in India.
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. Benefits of filing an ITR even if your income is non-taxable – If you don’t fall in any of these categories, it’s not mandatory for you to file an ITR.
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
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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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.
Here are the main benefits of life insurance Protection: Do you have any loans in your name, like a home or car loan? Remember, in case of your death, it is your family that will have to pay off this debt.