What is the advantage to file a non taxable ITR


#1

If income is below taxable limit, what is the advantage I get if I file a non
taxable ITR?


#2

Having no taxable income but filling your ITR will increase your chances of getting a loan approved compare to someone with the same earnings but no ITR fillings. Also if you are investing in the capital markets your short term capital losses can get adjusted against capital gains if your file ITR.


#3

Hi Nisha,

Even if you don’t have taxable income, it is good to file your income tax returns every year. Here are the reasons why you should consider filing your returns.

• It acts as a proof of income when you apply for a loan. Banks verify your income tax return documents for the previous two or three years before disbursing your loan.

• If you are planning to apply for a visa or travelling abroad, you need to keep your Income Tax return documents handy. In case you do not have these documents in place, your visa formalities will be delayed and your visa may even get rejected.

• It is necessary to file your return if you want to claim back any excess TDS that was deducted from your salary and get an income tax refund. So, if you don’t want to lose your hard earned money, make sure you file your IT return.

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Cheers,
BB Expert


#4

Filling ITR whether taxable or not gain the confidence of the Tax department and also enhance your credit rating. which will in future provide you the loan and easy process.