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
However, it is not mandatory to file your Income Tax Returns if you have PAN card but no income. There are certain situations when you should file the ITR despite having income below the taxable.
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10 benefits of filing ITR 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.
How to prepare for filing of your ITR Look at tax credit – Form 26AS vs. Form 16. Before initiating the online income tax return filing make sure to kook at Form 26AS. This form depicts the total tax that gets deducted from your income and this is deposited by your employer to the IT department. Make sure that the tax deducted depends on Form 16.
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:
Check these options provided below for. claiming hra benefits The house rent allowance (HRA) is usually a substantial chunk of the salary. Those living in rented accommodation can avail of.
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.
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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
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