Here are a few advantages for filing a Nil ITR: Claim tax refunds: Say, you have no taxable income, but there still could be certain TDS deducted on earnings like bank interest. A Nil ITR could ensure getting a refund for this excess TDS.Income Proof: TDS refund or not, ITR would still effectively serve as an official document that can be used as proof of your income.Visa Approvals: In addition to serving a purpose as your proof of income, a Nil ITR will also help you with visa application approvals across many countries. It is seen as valid documentation in such cases.In Case of Capital Losses: In cases where you have incurred losses pertaining to stock market investments, business operations, and other capital instruments, a Nil ITR would help you carry forward such incurred during the (current) financial year. Such losses can be offset against future capital gains, thereby reducing tax liability in subsequent years.Government schemes & Benefits: Filing an ITR sometimes could be a prerequisite for scholarships or government subsidies/benefits. By filing a Nil ITR, you can ensure eligibility for these benefits.Loan applications: Want to take a loan? Know that most times banks and other financial institutions like NBFCs often ask for ITRs as proof of income before or during the processing of loan applications. In such a situation, a Nil ITR would come in handy.Though filing a Nil ITR is not obligatory for citizens, it could provide certain benefits and assist you in maintaining a clear record with other authorities and administrative requirements.
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