FILE ITR EVEN WITH ZERO TAX LIABILITY /BENEFIT OF INCOME TAX RETURN..

INCOME TAX RETURN 

Even if your Income is below the taxable limit, filing an ITR has some advantages. 

1. Loans 
When you apply for a loans, banks may request your last two year's income tax returns. As a result, filling an IRT is helpful when applying for loans. 

2.CLaim Refund 
Filling returns becomes necessary if you any refunds due from the Income Tax Department. Say if TDS is deducted from your FDs or freelance income, then you can claim a refund on the whole amount charged if you fall below the Zero tax threshold. 

3. Visa Processing 
ITR receipts are necessary if you are planning to study in the UK, USA, Europe, and Canada. Thus filing your ITR helps when travelling to foreign countries. 

4. Carry Forward Losses
The benefit of filing an ITR is that you can carry forward capital losses (losses from stocks, bonds) for up to eight successive years after they occur. Unless ITR is filed, losses for the year cannot be carried forward.

5.High Life-Cover
The amount of life cover is dependent on the earnings, and with ITR, you can show that you have a high Income. 

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