Understanding who needs to file income tax returns is essential for financial planning. Here are answers to common questions regarding tax filing.
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Do senior citizens and minors need to file taxes?
Yes, if their total income exceeds the taxable limit, senior citizens (over 60) and children (earning above the exemption level) must file income tax reports. Read more here.
Do NRIs pay tax in India?
NRIs are liable to pay tax in India on income earned or received in the country. However, their global income may be subject to tax in their country of residence as per international tax laws. Read more here.
Can I file ITR jointly with my spouse?
If you and your spouse have income from jointly-owned assets, investments, or business, you may opt for joint filing under certain ITR forms - read more here. However, individual incomes should be filed separately.
Do I file taxes if I am selling agricultural products?
Income from the sale of agricultural products may be exempt under specific conditions. If the agricultural income exceeds the threshold or you have non-agricultural income, filing taxes becomes necessary. Know more.
As a taxpayer, it's crucial to determine your tax liability and file ITR on time to avoid penalties. Seek professional advice or use online tax filing tools to ensure accurate reporting and compliance with tax regulations.
Look up more articles here for a smooth first time tax-filing process. All the best!
