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Which of the following is NOT a valid reason for filing income tax returns?
Which of the following is NOT a valid reason for filing income tax returns?
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Practice Questions
1 question
Q1
Which of the following is NOT a valid reason for filing income tax returns?
Income exceeds the basic exemption limit
Claiming a refund
Applying for a loan
No income earned
Show Solution
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Filing income tax returns is not required if no income is earned, as there is no tax liability.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following is NOT a valid reason for filing income tax returns?
Solution:
Filing income tax returns is not required if no income is earned, as there is no tax liability.
Steps: 6
Show Steps
Step 1: Understand what income tax returns are. They are forms filed with the government to report income and calculate taxes owed.
Step 2: Know that you usually need to file a tax return if you earn income.
Step 3: Realize that if you earn no income, you do not owe any taxes.
Step 4: Conclude that if there is no tax liability (no taxes owed), you do not need to file a tax return.
Step 5: Identify that the question is asking for a reason that is NOT valid for filing a tax return.
Step 6: Confirm that having no income is a valid reason for NOT filing a tax return.
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