How to and What to Follow While Filing ITR Jointly?
Filing the ITR is an inevitable obligation for working individuals irrespective of the nature of their employment. Now, given the fact a family can have two breadwinners (applies to married couples) - there’s a prerequisite question which needs to be answered by married couples.
Question: To File or not to File Income Tax Returns Jointly?
Married couples often find it difficult to decide whether to file ITR individually. Though filing tax returns jointly have its own income tax benefit, the decision must be made based on which of the two approaches is more profitable. It is advisable to do the maths together and see how much benefit can be derived from both ways: filing ITR individually and jointly and then proceed with the process.
Additional Read: Taxation in India: Can income tax be abolished in India?
Rules of Filing ITR Jointly you must Follow:-
- Check the income tax exemption in case you are filing the ITR jointly.
- Declare all your income and make sure your spouse does the same.
- Ensure the accuracy of the information shared by you and your spouse. In case any information shared while filing ITR stands out to be incorrect or insufficient, you and your spouse both will be charged with penalties and subjected to face the applicable action.
- In case your spouse is deceased, you’ll still have to file ITR jointly the following tax year. In the next financial year, you can provide a death certificate and go back to filing ITR individually.
Bottom line: The rules and regulation related to joint ITR application are different from that of individual ITR application. Make sure to read them before proceeding any further. You may read more about ITR filing that what is Form 16 and how to use it to file tax here.
January 21st, 2019