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Why individuals who have zero tax liability for the financial year 2024-25 should also be encouraged to file their income tax returns before the September 15 deadline.
ITR filing for individuals with zero tax liability. (Representative Image)
As the September 15 deadline looms, over 4.89 crore taxpayers have already filed their income tax returns (ITRs) by Sunday, September 7, according to the income tax department’s website. With less than a week left before the final date, many other taxpayers are rushing to their chartered accountants or getting their ITRs done themselves on the official portal across different states.
This time, the number of ITRs filed could well exceed the total of 7.28 crore ITRs filed last financial year for 2023-24. If you haven’t filed your ITR yet, get it done immediately. It is admirable to see so many responsible citizens abiding by the tax laws and disclosing their assets. But, some taxpayers believe they don’t need to file their ITRs because their tax liabilities for the existing financial year stand at zero.
Why You Should File Your ITR Even At Zero Tax Liability
Citizens in India should know that filing the income tax return is a mandatory act under the laws established by the government of India’s income tax department. Regardless of the tax liability standings, responsible Indian residents should file their ITR immediately.
“Non-filing can lead to a fee under section 234F of up to ₹5,000 ( ₹1,000 if income
Multiple Benefits Of Filing The ITR
– Closes The Loop: When you file your income tax return, it acts as an acknowledgement of having paid tax via TDS, TCS and advanced tax. Doing so, closes the loop of financial activities for the year.
– Tax Refund: If filed under a different tax regime, individuals with zero tax liability could be eligible for a potential tax refund. There could be a chance that your tax liabilities hit the negative mark under the new tax regime, which has lower tax slabs.
– Helps With Visas: For Indian citizens eyeing a visa for another country that insists on valid proof of tax returns, the ITR acts as a legal document that eases your ordeal.
– Seeking Loans: To determine the creditworthiness of customers at the point of seeking loans, all banks ask them to show their past few years’ ITR.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
September 09, 2025, 17:09 IST
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