Hosted on MSN

Nil ITR: Should you file a return if income is below taxable limit? Absolutely, say experts

If your annual income is below the basic exemption limit, you may assume that filing an Income Tax Return (ITR) is optional. Technically, you’re right. But strategically? “Absolutely, yes,” says ...
Hosted on MSN

Consider filing a 'nil' Income Tax Return - Sometimes it's mandatory, and other times it can benefit you

Many taxpayers believe that if their income is below the taxable limit or if their employer has already deducted the applicable TDS from their salary, they do not need to file an Income Tax Return ...
USA Today

When does no tax on tips start, end? How do I claim the deduction on my tax return?

The massive federal spending and tax bill, dubbed the Big, Beautiful Bill, was signed into law by President Donald Trump on July 4th. The bill includes tax breaks for tipped workers, such as those in ...
Des Moines Register

'No tax' on overtime and tips will trigger a tax 'mess' for many

Preparing a 2025 tax return is likely to take more time, as workers who received tips or overtime pay in 2025 figure out what qualifies for new tax breaks. IRS gives some very specific examples in ...
The Spokesman-Review

New IRS rules on overtime and tips could complicate 2025 tax returns

Brand new rules for tax breaks on overtime and tip income are bound to drive taxpayers bonkers when trying to file their 2025 federal income tax returns next year. Expect to face far more work and ...