Why Filing Your ITR Is a Must – Even If You’re Not Taxable!
It’s that time of the year again – the Income Tax Return (ITR) filing season . Many people still think, “I don’t have taxable income, so why should I file an ITR?” But the truth is, filing your ITR is not just a responsibility – it’s a smart financial move. Let me break it down for you. ✅ What is ITR? ITR is a form you submit to the Income Tax Department that shows your annual income, deductions, and tax liability. It’s like your financial report card . 🔍 Why Should You File Your ITR? Proof of Income It acts as official income proof when you apply for a loan, credit card, visa, or even a government tender. Claim Refunds If TDS (tax deducted at source) is deducted from your income, the only way to claim a refund is by filing your ITR. Avoid Penalties ...