8 Advantages/Benefits of Filing Income Tax Returns (ITR) Despite Having a Low Income
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To e-file your income tax
To e-file your income tax returns for free visit: cleartax.in/income-tax-efiling
You are required to file your income tax return despite having any taxable income. In this case, you have to file NIL return.
In India, you are required to file your income tax return if you are aged sixty years and below and have an annual income of more than Rs 2.5 lakh. If you are a senior citizen, then this limit is Rs 3 lakh. If you are aged above 80 years, then the limit is Rs 5 lakh.
Here are the advantages of filing ITR despite having a low income:
1) You can be tax-compliant
2) Can claim refund, if any
3) ITR is vital for loan applications
4) Carry-forward of losses
5) Helps in visa applications
6) Availing life cover
7) Acts as proof of income
8) Helps in claiming tax exemption
#itradvantages #itrbenefits #incometaxreturns
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