The season of filing Income Tax Return (ITR) is in full swing. Those who have tax liability are trying to save tax. On the other hand, those whose salary is not taxable are sitting relaxed and thinking, “What do we have to do? We do not come under the tax net!”

In the new tax regime, there is no tax on annual salary up to Rs 4 lakh, and in the old regime, there is no tax on salary up to Rs 2.5 lakh. That is, the tax liability of those with this much income is zero, but do you know? Despite having zero tax liability, if you file an ITR, then there are many big benefits. Such benefits can inspire you to file ITR every year. Let us know what those benefits are.

1. A reliable document of financial proof

ITR works as a financial proof for you. Whether it is to apply for a visa or to take a loan, an ITR is required everywhere. Suppose you are planning to travel abroad and have gone to apply for a visa. There, you will be asked for income proof. Or even if you are thinking of taking a home loan from the bank, you have to show your ITR. This document clearly shows your financial history, which increases your credibility.

2. An easy way to refund TDS

If your salary does not come under the tax bracket, but still the bank has deducted TDS on the interest of your fixed deposit or savings account, then do not worry. By filing ITR, you can get the deducted tax back as a refund. For example, suppose you got Rs 10,000 interest on your FD and the bank deducted 10% TDS on it. If your total income is less than the taxable limit, then this money is your right. File ITR and claim a refund. It is difficult to get this money back without ITR.

3. Ease in loan and credit card

Banks or financial institutions ask for ITR while giving a loan or a credit card. If you say that 'my salary does not come under the tax net', then the bank will not be impressed by your statement. But if you file ITR regularly despite having zero tax liability, then the bank considers you a responsible taxpayer. This increases the chances of getting a home loan, personal loan, or credit card. Especially if your credit score is low, then ITR can prove to be a game-changer for you. The bank is confident that you will repay the loan.

4. Carry forward the loss

Suppose your salary is not in the taxable range, but you have invested in the stock market or mutual funds. In the middle of the year, you sold some shares and incurred a loss. Next year, your salary increases, and it comes under the tax net. If you have filed Nil ITR last year, then you can carry forward that loss to the next year. This can reduce your taxable income and reduce the tax burden. But if you do not file ITR, then this opportunity will slip out of your hands.

5. The ITR filed now will be very useful in the future

Filing ITR is not just a way to save tax, but also a way to meet many future needs. Whether applying for a passport or visa, taking a loan, or making a major financial decision, ITR always comes in handy. This is a document that reflects your financial responsibility. If you file ITR regularly, many doors can open for you in the future.

Last date to file ITR

The deadline for filing Nil ITR is the same as that of regular ITR. Usually, it is 31 July, but for the financial year 2024-25, it has been extended to 15 September 2025. Even if the deadline is over, there is no need to panic. There is no late fee for Nil ITR. That is, you can file it whenever you want.

How to file Nil ITR?

Filing Nil ITR is not rocket science. It is the same as regular ITR. Let us understand the step-by-step process:

Login: Visit the official website of the Income Tax Department. Register or log in using your PAN card.

E-Filing tab: After logging in, click on the E-Filing tab.

ITR option: Choose ‘Income Tax Return’ from the various options.

Correct form: If your salary is less than the taxable limit, choose the ITR-1 (Sahaj) form.

Fill in the details: Fill in personal details, income details, tax deduction details. If TDS has been deducted or advance tax has been paid, provide the details as well.

Validate: After filling in all the details, validate the form. Generate and download the XML file.

Upload: Go to the E-File section and click on ‘Upload Return’ and upload the XML file.

Verification: After filing the ITR, it is necessary to verify it. This can be done online or offline (via post). Your return process will be completed only after verification.

Why is ITR necessary?

Filing ITR is not just a formality, but a way to make your financial journey easier. It is proof of you being a responsible citizen. Whether it is taking a loan, applying for a visa, or claiming a refund, ITR is with you at every step. So what are you waiting for? Even if your salary does not fall under the tax bracket, still file Nil ITR and avail these benefits.

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