Even if you are not doing any job or business, you should file income tax return. Not only this, filing income tax returns can also prove to be a bargain for women who are not employed. You will have to give some of your time to do this work and you will be shocked to know the benefits it will bring you. Let us know why unemployed and housewife should file return?
Last date for filing return is 31st July
Date for filing income tax return for assessment year 2022-23 is fast approaching. The Income Tax Department has set a date of 31 July 2023 for this. There is no possibility of extending this deadline further and Revenue Secretary Sanjay Malhotra said that the Finance Ministry is not considering extending the deadline for filing income tax returns beyond July 31.
Usually a housewife does not file income tax returns considering that she has no regular income. But thinking like this may disturb them somewhere. In fact in today’s time this document is considered important and needed from taking loan to getting visa.
Housewife can file nil ITR
Those who have no job or business or housewives can file nil ITR or zero ITR. In fact, this is an income tax return that carries no tax liability. That means no tax is charged on you but you file ITR then it is called Nil ITR. This facilitates you in many tasks like if you need to take a loan in an emergency. The list of advantages of filing ITR in Nil is very long.
First advantage: ease of taking loan
Filing tax return may not be mandatory for such people, but if a housewife files ITR it does not mean that she has to pay any kind of tax. There is a huge difference between the two. First let’s talk about the benefits for housewives who have zero income and are planning to start their own business and need a loan. So in such a situation women who are filing tax returns get approved easily. Most of the banks require one to three years of record of returns to release the loan.
Another advantage: Helps in getting visa
If you file nil ITR every year without any income then it may be easier for you to get visa. Documents for filing ITR for 3 years are demanded while applying for visa. In fact, this lets the department know that the applicant is complying with every law and has sufficient financial resources during the journey and till the return. ITR submission is optional here but it definitely helps in getting the visa.
Third Advantage: Property Sale or Investment
Another major advantage of zero ITR filing for housewives is when they sell property i.e. land or house registered in their own name. Or invest in stock market or mutual fund. Tax liability arises on capital gains during sale of property or income on investment in stock market. In such a situation it is necessary for you to file ITR.
On the increase in investment made in savings schemes, and share market investment, you can get tax benefits through ITR under the rules laid down by the Income Tax Department. Also, it is helpful to get back the TDS deducted on interest earned on your bank deposit or any other type of income despite not being covered by income tax.