CA NARESH KUMAR SANKHLA

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

Tax deductions can be availed on individual health insurance or family floater plans. Premiums paid towards health insurance taken for self, spouse, dependent children and/or parents are allowed for deduction.  As per section 80D, a taxpayer can claim deduction on premiums paid towards medical insurance for self, spouse, parents, and dependent children. Individuals and HUF can claim this deduction.  The limit of the deduction varies with age.  A deduction of Rs 25,000 is available for self, spouse, and dependent children. An additional deduction of Rs 25,000 is available for insurance paid for parents aged less than 60 years.  If any insurer, i.e. self, spouse or parents, is above 60 years of age, then an additional deduction of Rs 50,000 is allowed instead of Rs 25,000.  Which expenses are not allowed as deductions under Section 80D?   Health Insurance premium paid in cash. Payment made on behalf of working children, siblings, grandparents or any other relative. Group health insura