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4 Benefits of Having a NIL Income Tax Returns File

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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