Sage-Tips

Do I need to file ITR if income is not taxable Quora?

Even if you are not paying any taxes or have any refund, you should file your ITR as in a NIL return. yes…. filing return is also good for anybody.it acknowledges your income for the same year which will be later required at any stage for your help.

Why should you file a tax return even if you are not required to file one?

Why you should consider filing a tax return even if you’re not required to file. If you had federal taxes withheld by your employer, you may be eligible for a refund of those taxes. This includes students and part-time workers who may not file because they have too little income to require them to do so.

Do I have to file taxes if my income is not taxable?

Generally, if your total income for the year doesn’t exceed certain thresholds, then you don’t need to file a federal tax return. The amount of income that you can earn before you are required to file a tax return also depends on the type of income, your age and your filing status.

Do I need to file ITR if income is not taxable in India?

Filing income tax returns is mandatory for those whose total income is more than Rs. 2,50,000. We recommend that you file your income tax return, even though it is not mandatory if total income isn’t over Rs. 2,50,000.

Is it mandatory to file ITR in India Quora?

It is mandatory to file ITR i.e. income tax return if your income is more than the basic exemption limit. However, it is mandatory to file ITR in certain situations irrespective of basic income.

Is it mandatory to file income tax return below 2.5 lakhs Quora?

So, it is not mandatory to file ITR if any​individual or HUF’s income doesn’t exceed 2.5 lakhs, however it is recommendatory to file your tax returns even if your income chargeable to tax does not exceed basic exemption limit.

At what age should you start filing a tax return?

No Exemption for Age or Occupation Whether you’re 9 or 90, age has no effect on your requirement to file a tax return. If you meet one of the above requirements, the CRA expects to receive an income tax return from you. Students are not exempt from filing either.

Is it illegal to not file taxes if you don’t owe?

The IRS has general filing requirements for most taxpayers. Even if no tax is owed, most people file a return if their gross income is more than the automatic deductions for the year. The primary automatic deduction is the the standard deduction.

Is it illegal not to file taxes?

It’s illegal. The law requires you to file every year that you have a filing requirement. The government can hit you with civil and even criminal penalties for failing to file your return.

What are the benefits of filing ITR?

Following are five benefits that you can enjoy by filing ITR on time:

• Save interest. Not filing ITR on time may lead to interest on the tax payable.
• Avoid penalty up to Rs 10,000. There is a cost of filing delayed ITR!
• Avoid notice from the Income Tax department.
• Loan approval becomes easy.
• Carry forward losses.

What is the benefit of ITR?

Salaried and self-employed individuals can benefit greatly from this since they do not have to provide any other document as income proof and easily get loan approvals. Claiming refund- Any individual can claim a tax refund from the IT Department by filing ITR.

Why you should file ITR?

Why you should file ITR? 1. Claiming excess Tax Refunds:. There is no other way to claim excess tax refunds than filing ITR. Today TDS deduction… 2. Carry forward losses:. Income tax laws allow you to carry forward and adjust some losses like stock market… 3. Loan processing:. If you are hunting

How can I claim excess tax refund after filing ITR?

There is no other way to claim excess tax refunds than filing ITR. Today TDS deduction has become mandatory across a lot of payments. The employer deducts TDS from salary, bank from FD interest rates, companies from payments to consultants, etc. Due to this you might have paid extra tax.

Should you file a tax return if you have no tax liability?

However, even if you have zero tax liability, filing tax returns has an array of advantages: Even if your income is under the taxable limit, you may have paid taxes on it. An individual can file refunds to get this excess tax paid via TDS, or self-assessment, in the relevant financial year.

What happens if you don’t file your taxes?

Even if your income is under the taxable limit, you may have paid taxes on it. An individual can file refunds to get this excess tax paid via TDS, or self-assessment, in the relevant financial year. Getting a refund of your taxes feels like getting a paycheck credited. If you don’t file your returns, you essentially let go of a possible refund.