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Top Important benefits of filing ITR even if you are below taxable bracket

Life is uncertain, this is one of the rare benefit of filing the ITR every year.It does not bother if the income barely touches or crossing the taxable limit. If you keep filing ITR of yourself or spouse, just because CA /Lawyer is your neighbour or charge very nominal fee, it can help you in future in case of accidental death of any one member.

It’s important to file tax returns even if you fall below the taxable limit but tax has been deducted on income like interest on fixed deposits in order to claim the TDS refunds.

Why Income Tax Return Filing Is Important ?        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.

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Major life changes come with a host of tax implications that will impact how you file, your benefits, and the tax bill you might receive. That’s why it’s important. in a lower tax bracket. remember.

More From Money . Many people are confused when it comes to filing tax returns when the income falls below the taxable limit or when no taxes are due. If you carefully compare the benefits of filing the return and the effort involved, the odds will always be in favour of filing your tax return every year.

The risk management benefits of these captives were primary, but their tax advantages were also important. In recent years, smaller, closely held businesses have also learned that the captive.

Here are top 9 benefits of filing ITR even if your income is below the taxable bracket. itrs serve as important financial documents benefits Set 1 . An ITR receipt makes for an important financial.

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.

Here are the advantages of filing returns even if your income is non-taxable When it comes to filing tax returns, many people procrastinate. Some delay it, some don’t file their returns until they are pushed to as a necessity for taking a loan.

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