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TAX FILING FOR SALARIED INDIVIDUALS

author Akbar Tejanidate October 29, 2020
TAX FILING FOR SALARIED INDIVIDUALS

If you’ve got a job with a regular paycheck, you’re almost certainly already paying taxes. Chances are that your employer withholds the taxes on your salary income and deposits them in government’s treasury. However, you’re still required to file your tax return to become a tax compliant citizen and avoid paying additional taxes levied on non-filers.
For starters, the tax withheld on your salary isn’t always correct. Your economic activities including savings and investments can have a significant impact on your taxes. You may be able to reduce the taxes on account of tax credits and rebates provided for in the tax law, and thus, get an adjustment / refund against the taxes that are deducted from your salary. On the other hand, you might have other income sources that are not considered by your employer for determining your tax rate and, which may result in increasing your tax liability.
The bottom line is that you’re required to file a tax return every year if you have taxable income, or if you own certain class of assets like property or motor vehicle. With Befiler.com, you can easily follow a simple process to determine whether you are eligible for tax credits to reduce your tax liability or owe taxes in addition to what you’ve already paid, and thereafter file your tax return in the most convenient manner.

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