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

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.

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If your total income is below the tax threshold, you can submit Form 15H to the banks seeking. details of the SA tax paid challan are required to be updated in the income tax return before filing.

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.

Even though the. the most important thing to remember is that it is a taxable event. A corollary of that is: do you have enough monies that are not in a qualified plan to pay the taxes that will be.

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.

Benefits of filing of Income Tax Return-FIle ITR before due date and enjoy the benefits 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.

There are several benefits of filing a Return- Need a Refund – In case excess TDS has been deducted on your income and you need to claim a refund – in this situation you must file a return to claim the tax refund. Need a Loan – When you reach ou.

Also, filing the wrong type of application or filing at the wrong time can cost you dearly. Not Maximizing Survivor Benefits: Again, teamwork is important. Ignoring the Impact of Taxes: Social.