ITR Filing Deadline: Even if you do not do any work or have been unemployed for some time, you should file ITR (Income Tax Return). You should file ITR even if you have not earned any income in a financial year.
ITR Filing Deadline: Even if you do not do any work or have been unemployed for some time, you should file ITR (Income Tax Return). You should file ITR even if you have not earned any income in a financial year. You are a housewife and you do not have any income in any way, even then you should fill ITR because it gives you many benefits.
Housewife can also file zero return
You must file a return even if you do not earn any income. For example, if the housewife does not have any personal income, then you do not have to pay any tax. When you do not have to deposit any tax and still file the return, then it is called zero return or NIL return. The deadline for filing income tax return is 31 July 2023.
What is zero return or NIL return?
Zero return is one in which taxpayers like housewives do not have to pay any tax. This happens when a taxpayer has no income or is less than the exemption limit. When a taxpayer’s income is less than Rs 2.50 lakh in a financial year, then he has no tax liability. Such people are not required to file tax returns as they do not fall in the tax bracket. If such people still file returns, whose income is less than Rs 2.50 lakh, then it is called NIL return.
Housewife can get these benefits
It is not mandatory to file zero return. However, there are many advantages of filing NIL or zero return. Housewives can avail these benefits.
Loan is easily available and discount is available on registry
If you file ITR then you get loan easily. To take a loan, you have to give ITR of 3 years. Housewife can take joint loan with her name. Many banks also give some concession on the interest rate for taking home loans in the name of women. The special thing is that at the time of registry, there is a discount on getting the registry done in the name of women.
TDS refund becomes easy
If any FD is running in the name of the housewife. Interest is being received on it and TDS is also being deducted, so you can take a refund. If any taxpayer forgets to fill 15G or H, then his tax is deducted, then he can file ITR and get the return.
ITR will be required for Visa
Filing zero returns makes it easy for you to apply for visa applications and credit cards. It acts as proof of your income. Housewife also has to submit ITR several times to apply for visa. Here the housewife will get help on filing zero ITR.
