{"id":2614,"date":"2016-08-02T16:59:18","date_gmt":"2016-08-02T11:29:18","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2614"},"modified":"2022-01-29T17:34:59","modified_gmt":"2022-01-29T12:04:59","slug":"file-tax-return-even-without-taxable-income","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/file-tax-return-even-without-taxable-income\/","title":{"rendered":"Should You File Tax Return Even Without Taxable Income"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d588e5b3bc3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d588e5b3bc3\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/file-tax-return-even-without-taxable-income\/#Should_You_File_Tax_Return_Even_Without_Taxable_Income\" title=\"Should You File Tax Return Even Without Taxable Income?\">Should You File Tax Return Even Without Taxable Income?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/file-tax-return-even-without-taxable-income\/#What_happens_when_you_file_an_income_tax_return\" title=\"What happens when you file an income tax return?\">What happens when you file an income tax return?<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/file-tax-return-even-without-taxable-income\/#FOR_FURTHER_QUERIES_CONTACT_US_W_wwwcarajputcom_E_singhcarajputcom_T_011-233-4-3333_9-555-555-460\" title=\"FOR FURTHER QUERIES CONTACT US: \nW:\u00a0www.carajput.com\u00a0E: singh@carajput.com T: 011-233-4-3333, 9-555-555-460\">FOR FURTHER QUERIES CONTACT US: \nW:\u00a0www.carajput.com\u00a0E: singh@carajput.com T: 011-233-4-3333, 9-555-555-460<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/file-tax-return-even-without-taxable-income\/#BlockingUnblocking_the_E-Way_Bill_creation_system_if_fails_to_file_GSTR-3B_GSTN\" title=\"Blocking\/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN\">Blocking\/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/file-tax-return-even-without-taxable-income\/#Reasons_for_the_Movement_of_Goods_under_the_GST\" title=\"Reasons for the Movement of Goods under the GST\">Reasons for the Movement of Goods under the GST<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<figure id=\"attachment_8963\" aria-describedby=\"caption-attachment-8963\" style=\"width: 827px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/09\/8.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-8963\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/09\/8.png\" alt=\"www.carajput.com; Income Tax\" width=\"827\" height=\"620\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/09\/8.png 600w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/09\/8-300x225.png 300w\" sizes=\"(max-width: 827px) 100vw, 827px\" \/><\/a><figcaption id=\"caption-attachment-8963\" class=\"wp-caption-text\">www.carajput.com; Income Tax<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Should_You_File_Tax_Return_Even_Without_Taxable_Income\"><\/span><strong>Should You File Tax Return Even Without Taxable Income?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><span style=\"color: #000080;\">As the last day of filing <a href=\"https:\/\/carajput.com\/income-tax-services.php\">income tax returns<\/a> is coming near, it\u2019s finally time for taxpayers to do what they haven&#8217;t from so far. The question is it still mandatory to file return if the income is below the taxable limit of Rs. 2.5 lakh per annum. The answer is yes; under certain circumstances it is beneficial to file return even then. There are certain cases that are mandatory while others have benefits of filing return.<\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\">One of the biggest benefits of filing return is that it helps in applying for loan in future or applying for visa etc. For clearance of any loan by lender or bank for say home loan, car loan or any vehicle loan, they ask for proof of tax return statements of past three years.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\">So for instance, if you have monthly income of Rs. 20000 which amounts to less Rs. 2.5 lakh in a year, you are not obliged to file income tax return. But doing so can be beneficial in a long run to provide as a proof of your finances. Filing income tax returns act as a proof of your income when applying for loan as a co-borrower too.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\">Also, from the year 2012 it has been made mandatory for individual holding a foreign asset to file for income tax return if the asset has no yield. A foreign asset may refer to any foreign account, immovable property, partnership firm etc.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"What_happens_when_you_file_an_income_tax_return\"><\/span><span style=\"color: #3366ff;\"><strong>What happens when you file an <a href=\"https:\/\/carajput.com\/income-tax-services.php\">income tax return<\/a>?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\">Let\u2019s take an example of a senior citizen who has an income of 7 lakh which is nontaxable, in the form of tax free shares. Her taxable income is Rs. 14000 which comes below the taxable limit of Rs. 2.5 lakhs. However, she is advised to file return for the same to have it as a proof that she has an income, though not taxable. When you fill a ITR form, it has a column where you are required to show your nontaxable income.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\">Filing for tax returns also helps in claiming tax returns or to set off the losses. You can set off the losses that may have incurred in share marketing by carrying forward them to the next year. This can be done by filing for a refund even if your annual income is less than Rs. 2.5 lakh.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\">Even in cases of tax deducted at source or in case of income earned through freelancing, you can file for income tax return for claiming it.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\">Last Date of filling of<a href=\"https:\/\/carajput.com\/income-tax-services.php\"> ITR<\/a> for the A.Y. 2016-17 is 05 August 2016.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\">\u201cAnger comes alone but takes away all our good qualities. Patience too comes alone but brings all the good qualities for us. Choice is our so have patience.\u201d<\/span><\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FOR_FURTHER_QUERIES_CONTACT_US_W_wwwcarajputcom_E_singhcarajputcom_T_011-233-4-3333_9-555-555-460\"><\/span><span style=\"text-decoration: underline;\"><span style=\"color: #003366; text-decoration: underline;\">FOR FURTHER QUERIES CONTACT US:<\/span><\/span><br \/>\n<span style=\"color: #003366;\">W:\u00a0<a style=\"color: #003366;\" href=\"https:\/\/l.facebook.com\/l.php?u=http%3A%2F%2Fwww.carajput.com%2F&amp;h=SAQGflxq6AQEemiXU5m1Sleu5gX786YxP36euwMDL4osVrw&amp;enc=AZNOhiS8emvOi54UCNVnOtgbK0wGSKeEDPbJpQZAlf7cr5YxodSOowKyOSqQSaPOGvHdnvM7BqIC59kJjZSk01ga1fRZiYW43kCBMakJLj2AABFBk9rS2CYBcAfrJuc94lg0aPhuGpayaxGpsPeGoOhC-uzXppp1p3gEF_2Ypq758ZRU2ATuk77eX5g1paVf-MLMxpH-3DA9l9FUmq44lBe_&amp;s=1\">www.carajput.com<\/a>\u00a0E: singh@carajput.com T: 011-233-4-3333, 9-555-555-460<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><iframe loading=\"lazy\" title=\"E.FILING OF INCOME TAX RETURN\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/Rm8-4sWURMA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p><strong>POPULAR BLOG:-<\/strong><\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"BlockingUnblocking_the_E-Way_Bill_creation_system_if_fails_to_file_GSTR-3B_GSTN\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/blocking-the-e-way-bill-creation-system-if-fails-to-file-gstr-3b-gstn\/\">Blocking\/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Reasons_for_the_Movement_of_Goods_under_the_GST\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/reasons-for-the-movement-of-goods-under-the-gst\/\">Reasons for the Movement of Goods under the GST<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><\/h4>\n<h4 style=\"text-align: justify;\"><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Should You File Tax Return Even Without Taxable Income? As the last day of filing income tax returns is coming near, it\u2019s finally time for taxpayers to do what they haven&#8217;t from so far. The question is it still mandatory to file return if the income is below the taxable limit of Rs. 2.5 lakh &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,9],"tags":[170,2601],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2614"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=2614"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2614\/revisions"}],"predecessor-version":[{"id":2620,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2614\/revisions\/2620"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}