Think you don't need to file ITR? These 5 people thought so, and they were all wrong
ITR Filing, Income Tax Season: Nil ITR: The last date for filing income tax return (ITR filing) is July 31, 2024. The income tax rule says that people with income up to Rs 2.50 lakh in the old tax regime and up to Rs 3 lakh in the new tax regime don't need to pay income tax as they fall in the exemption category. As a result, they can opt not to file the income tax return (ITR Filing). But they can file Nil ITR, which has its own benefits, such as that it can work as an address proof while for a visa or as a valid address proof. By filing Nil ITR, a taxpayer communicates to the Income Tax (I-T) department that they don't have any tax liability. Here, we are giving examples of five types of people who might have thought that don't need to file Nil ITR, but they should have to get other benefits.
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Senior citizen with Rs 15,000/month
![Senior citizen with Rs 15,000/month Senior citizen with Rs 15,000/month](https://cdn.zeebiz.com/sites/default/files/2024/07/25/306688-coin-unsplash-take-2.jpg)
A student with education loan
![A student with education loan A student with education loan](https://cdn.zeebiz.com/sites/default/files/2024/07/25/306689-coin-unsplash-take.jpg)
Self-employed with Rs 25,000 monthly income
![Self-employed with Rs 25,000 monthly income Self-employed with Rs 25,000 monthly income](https://cdn.zeebiz.com/sites/default/files/2024/07/25/306690-indian-currency-pixabay-take-3.jpg)
Freelancer earning Rs 2 lakh a year
![Freelancer earning Rs 2 lakh a year Freelancer earning Rs 2 lakh a year](https://cdn.zeebiz.com/sites/default/files/2024/07/25/306691-indian-rupee-unsplash.jpg)
Freelancers need to file ITR 4 form. They can file it in the presumptive income scheme under Sections 44AD and 44AE. From the tax point of view, freelancing is considered a business and profession, so filing an ITR can help as income proof if you want to increase your work further through loans, etc.
Teacher earning RS 15,000 a month
![Teacher earning RS 15,000 a month Teacher earning RS 15,000 a month](https://cdn.zeebiz.com/sites/default/files/2024/07/25/306693-investment-unsplash-1.jpg)
A tutor should maintain books of accounts if their total net profits from tuition are over Rs 1,20,000 in a financial year. If they fall in the income tax bracket, they can claim deductions for costs such as stationary, advertisement costs for tuition promotion, and the cost of photocopies used in teaching.