Filing A Nil Income Tax Return Have These Major Benefits

The last date to file an income tax return was July 31, 2022, for all individuals, excluding corporations. However, if you haven’t filed your ITR yet then there is the last chance by December 31, 2022, till which you can file a belated ITR, only after meeting certain conditions and paying a fine.

Filing A Nil Income Tax Return Have Major Benefits

Filing Nil Income Tax Return

Mostly, people who have lower annual income which does not attract income tax, are the ones who take the ITR filing process very lightly. Few don’t even think about filing a return and losing some privileges and benefits provided by the Government. But there is still a chance because they can file a belated ITR by December 31, 2022. For motivation, you can read the list of these benefits for filing a nil ITR below.

List of Benefits For Filing A Nil Income Tax Return

Get Scholarships

By filing an ITR whether nil or tax, you are getting yourself income proof. The majority of institutions or universities consider an ITR as authentic income proof. So, you can use this document to avail the benefit of a scholarship for higher education support.

Getting Visa

If you want to travel overseas then you need a valid passport and visa for the country which you want to visit. However, to get these documents you will need to submit valid income proof and a filed ITR is also considered solid proof. Whether you file nil ITR or are taxed it doesn’t matter as long as you can use it as income proof.

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Loan Application

“Whenever someone applies for a loan, the lending institution will first ask for the PAN details, then the credit bureau score, and then an income tax return”, mentioned outlook India. This is because through an ITR lenders can easily judge your creditworthiness and sanction your loan amount with applicable interest rate accordingly.

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Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

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