Unveiling the Truth: Should You File ITR Even Without Taxable Income?
Discover the Ultimate Answer: Should You File Your Income Tax Return (ITR) in the Absence of Taxable Income? In a world brimming with financial complexities, the question lingers: Is it necessary to file your Income Tax Return (ITR) when you have no taxable income? Brace yourself as we unravel the untold secrets and shed light on this enigmatic topic, igniting a storm of discussions and debates among taxpayers worldwide. Know these five benefits:- The biggest advantage is that ITR filing helps when you apply for a loan in future. For any home loan, car loan, etc, most banks seek proof of tax returns of the previous three years The existing tax laws make ITR filing mandatory if the gross total income in a fiscal year exceeds the basic exemption limit. The deadline to file the Income Tax Return (ITR) for the financial year 2022-23 (assessment year 2023-24) is July 31, and the tax department has opened its portal for individuals to file their taxes for the current assessment year. The