Tax Return: Should housewives also file ITR? Know its advantages and disadvantages..

Income Tax Return: This month is the last date to file the ITR. Even if you do not do any job, you should file the return. If you do not have any income during a financial year, you should still file the return. Even if you are a housewife, why should you file ITR? Know through this article.

You can file an ITR even if you do not have any income.

Even if you do not have any income, you should file an ITR. For example, a housewife does not have any personal income. In such a situation, they do not have to pay any income tax, but if they still file an ITR, then it is called a zero return or NIL return. The last date for filing returns for this year 2022-23, is 31 July 2023.

What is zero return or NIL return?

Zero return or NIL return is the return when a taxpayer does not have personal income, yet he files a return; then it is called zero return or NIL return. Whenever the annual income of a taxpayer is less than Rs 2.5 lakh, it is not included in the tax liability.

Such people are not required to file returns. The reason for this is that these people do not fall in the tax bracket. If they still file a return, it is called a zero return.

Benefits of zero return or NIL return
If you have zero return, you do not need to file ITR. If you still do so, you can avail many benefits.

If you file zero ITR, any bank will easily give you a loan. To take a loan, you will have to submit 3 years of ITR as proof. Housewives can also take a joint loan in their name.

If any FD is running in any bank or post office in the name of the housewife and TDS is being deducted on the interest received on it, then you can also get a tax refund for it.

If you file a zero return, then applying for a visa and a credit card becomes easy. ITR works as a proof of your income. With this, you get visa and credit card very easily.

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