Does
anyone prefer to pay tax? No doubt, most of us like to evade it to save our
hard-earned money. Well, the good news is if anyone earns below the exemption
limit set by the income tax department in your country, then you don’t need to
pay income tax. Even, you don’t need to file an income tax return too. But, do
you know that you can earn benefits by filing a nil income tax return? Yes, you
heard it right. You can also contact a professional CA like Chandan Agarwal in Kolkata in this
regard to acquire more information.
NIL ITR File Benefits
It is
time to know why you should file an income tax return even if you are earning
below 2.5 lakhs; below the exemption limit.
1. Claim Tax Refund:
Often, the bank deducts TDS from the FDR even if you are earning below 2.5
lakhs. In this case, you can claim for TDS deduction counting on the tax file
return.
2. Authenticate Your Income:
An ITR, whether it is nil or taxable is a genuine legal document to
authenticate your income. It is a legal document of your financial status. It
is a valid proof of your income and you can produce it to any financial
institution in India.
3. Visa Application:
You can produce your NIL income tax return as a valid document of your earnings
for visa application. If you are about to apply for Schengen Visa, you need to
produce three years income tax return file even if it is NIL.
4. Easy Loan Application:
You can show your NIL income tax return file as a genuine document at the time
of loan application. Whether it is a car loan, home loan, or personal loan, if
you have an ITR or a NIL ITR then you can have benefits.
Conclusion,
If you
don’t know how to apply for and file a NIL income tax returns, contact the
nearest CA firm. You can contact Chandan
Agarwal if you belong to Kolkata.
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