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).
Or, if you file a joint return, you are required to pay income taxes on your Social Security benefits if you and your spouse have a total combined income of $32,000 or more. Furthermore, if you are married and file a separate tax return, you likely will have to pay taxes on your Social Security benefits.
To avoid penal actions, ensure that you file your income tax return on or before the August 31, 2019 deadline. taxpayers can get multiple benefits by filing income tax returns before the deadline.
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Whether or not you need to file depends on your income, filing status, and whether anyone claims you as a dependent. The table below shows when you’re required to file. If your income equals or.
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Thanks to Section 80C of the Income Tax Act, you don’t have to pay tax on 1.5 lakh of your salary-you can deduct this amount from your taxable income. limit becomes important. This is because,
If you are a salaried person, this is one of the most important documents for you to file your ITR. Abhishek Soni, CEO, tax2win.in, a tax-filing company, says "Form-16 is a TDS certificate issued to you by your employer to provide details of the salary paid to you and TDS deducted on it, if any.
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.
When you file your 2018. could end up with higher taxable income than you would have had under the old law. The majority of taxpayers take the standard deduction, but under previous law, a.
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