What is Nil ITR? Those with income less than 5 lakhs will get these 4 benefits

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What is Nil ITR: The month of July means the tax filing season has arrived. For general salaried taxpayers it is necessary to file their income tax return by 31st July. After 31st July you have to pay 5000 fine. The major change in the tax procedure in the current year is with respect to the amount of income tax exemption. If your total gross income is less than the basic exemption limit in the financial year 2022-23 (AY 2022-23), you are not required to file Income Tax Return (ITR). The basic exemption limit depends on the income tax regime chosen by an individual.

If a person opts for the old tax system, the basic exemption limit will depend on the person’s age in the financial year 2022-23. However, if a person opts for the new tax regime, the basic exemption limit is Rs 3 lakh, irrespective of the person’s age. However, even if you don’t necessarily need to file ITR, it would still be a good decision to file it.

What is NIL Why should you file ITR?

An ITR is generally called a Nil ITR where there is no tax liability for the taxpayer. This may be because the income of the taxpayer is below the basic exemption limit or the total income of the taxpayer after claiming certain deductions and exemptions is below the basic exemption limit.” There may be cases where after availing the exemption under Section 87A, the total tax liability becomes nil. In such cases also, the return filed will be called nil ITR.”

Is it correct to fill zero ITR?

“Even if a person is not liable to pay income tax under the existing provisions, it is still prudent for him to file an income tax return so that the income of a particular financial year can be brought on record. You will get this record through ITR.

Advantages of zero ITR filing:

Easy to get loan: Income tax return serves as a valid document of proof of income from Government of India. Also, submitting ITR to lending banks and institutions can ease the loan approval process. This is because whenever someone applies for a loan, the lending institution will check the applicant’s creditworthiness and then approve the loan amount based on that. This creditworthiness check is done through a thorough credit check that requires you to submit various financial, banking and other details and documents, income tax returns (if available), employment or business verification, credit bureau reports and other sources. is said to do . So, in short if you have a legal income proof document like ITR filed, it can help your loan case.

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