ITR Return: File Income Tax Return Even If Your Income Is Less Than ₹ 2.50 Lakh, Know Why?

ITR filing for AY 2022-23: The due date for filing Income Tax Return (ITR) for assessment year 2022-23 or financial year 2021-22 is 31 July 2022. In such a situation, a person falling in the income group is advised to file his ITR before the deadline. Explain that this is also necessary for those people whose annual income is less than ₹ 2.50 lakh. Helps people with low income to avoid automated income tax notices.

What are experts say?

According to tax and investment experts, if a person does not file ITR, he cannot claim ITR refund on TDS deduction. Therefore, it is mandatory for those who are eligible for TDS deduction to file income tax return. Even if their annual income is less than the income tax limit i.e. ₹ 2.5 lakh per year.
Why is it wise to file ITR even when your annual income is less than the limit? On this, Aarti Rawate, Partner, Deloitte India said, “It is advisable to file a zero income tax return even if you have a low income. This will bring you many benefits. When you have to apply for passport renewal or visa, there you have to do this. The details can come in handy. Apart from this, many times it happens that the tax department has sent an automated notice asking the reason why the tax return has not been filed? will be saved.”

Advantages of Zero ITR

Sujit Bangar, Founder,, on the benefits of filing ITR even if it is less than Rs 2.5 lakh, said, “One cannot claim ITR refund against TDS deducted by his employer or any other payee. Therefore, if It is also beneficial to file income tax return even if your income is less than the exemption limit.
He said that if you want to apply for any loan, be it home loan or car loan or personal loan, bank or lending institution asks for IT return and if you submit IT return then your loan will be approved sooner. Will be done.

When should you file nil ITR?

1. If ‘Total Taxable Income’ is less than the basic limit and ‘Gross Total Income’ is more than the basic limit, then ITR needs to be filed.\
2. If TDS has been paid, then ITR has to be filed to get refund thereof.
3. ITR is required to apply for loan, visa etc.
4. Returns to be filed if someone spends a total of ₹1 lakh or more on electricity consumption.
5. If one has spent ₹ 2 lakh or more on foreign travel for himself or any other person, then ITR needs to be filed.
6. If anyone has any property outside India then he should file his ITR. Or if someone is a beneficiary of any property outside India, then definitely file ITR.
7. If someone has claimed relief under tax treaty like DTAA, then he must file ITR.

1 thought on “ITR Return: File Income Tax Return Even If Your Income Is Less Than ₹ 2.50 Lakh, Know Why?”

  1. Venkat Ramanan Narayan

    Do NRI’s have to file ITR even though they have income less than Rs.2.5lacs in India.

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