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Which of the following is NOT a valid reason for filing income tax returns?

Practice Questions

Q1
Which of the following is NOT a valid reason for filing income tax returns?
  1. Income exceeds the basic exemption limit
  2. Claiming a refund
  3. Applying for a loan
  4. No income earned

Questions & Step-by-Step Solutions

Which of the following is NOT a valid reason for filing income tax returns?
  • 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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