Top Important benefits of filing ITR even if you are below 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. 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.

It is mandatory to file ITR if your income exceeds Rs.2,50,000. If your income is less than the mentioned amount, it is not necessary to file ITR. But even if you don’t have a taxable income, a filed tax return is an important and valuable documen.

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A portion of the 1040 U.S. Individual Income Tax Return form for 2018 is displayed. and pay a zero percent tax rate if your taxable income is below these income thresholds, especially if you are.

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The questions fell into four broad categories: Who needs to file a 2018 federal income tax return. isn’t taxable and you don’t need to file a return, she notes.) That said, Greene-Lewis notes, if.

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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

Income Tax Return Filling Important why     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:

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.

After you cross the income thresholds specified in the chart below, a portion of your Social Security benefits will be considered taxable income. For example, a married couple in retirement filing jointly with combined income greater than $32,000 up to $44,000 could find that as much as 50% of their benefit payments are considered taxable income.