Zero ITR Benefits: Even if you do not fall under the tax bracket, filing zero ITR is beneficial. It gives 8 benefits including easing the loan-visa process and getting the benefit of government schemes. Know the full details.
Zero ITR Benefits: Often people think that if their annual income is less than the tax limit, then there is no need to file ITR. But there are many benefits of filing zero ITR, which can be useful for you in future. Let’s know the 8 benefits of filing zero ITR.
Official proof of income
Zero ITR creates an official record of your annual income, which is necessary for identity and financial background in many places. This document can prove to be very helpful at the time of bank loan, visa or big purchase.
Ease in loan approval in future
If you are thinking of taking a loan, then the bank looks at your old income record. By filing zero ITR, you have a continuous income history. This increases the chances of loan approval.
Help in visa process for foreign travel
It is necessary to provide proof of income while applying for visa in many countries. Zero ITR gives you a reliable and government recognized document. It increases the chances of getting a visa.
Facility in getting TDS refund
If your income is less than the tax limit, but the bank has deducted TDS on your FD, savings account, then you can get that amount back by filing zero ITR. It will not be possible to claim this refund without ITR.
Proving eligibility in government schemes
In many government schemes, eligibility is decided on the basis of income limit. Through zero ITR, you can easily prove that your income is less than the prescribed limit, so that you can get the benefit of the scheme.
Beneficial for self-employed and freelancers
If you are a freelancer or self-employed and the income is low, then zero ITR strengthens your professional financial profile. It helps for business loan or project in future.
Maintaining transparency in income
Filing zero ITR keeps the record of your income and expenses transparent. This gives you strong evidence in any legal or financial dispute, which proves your honesty.
Baseline for future income
Zero ITR gives a start to your financial record. As your income increases in the coming years, this baseline proves how your income gradually increased, which builds credibility.
