Why should a housewife file I-T Return?
Why should a housewife file I-T Return? This does not mean you need to pay tax, you can file NIL return
As a housewife, you might be thinking that you do not need to file I-T Return since you do not earn any income. Yes. You are right! As per law, you do not need to file I-T Return. However, it is an all-win situation for you since you don’t need to pay tax but will benefit in different ways from filing I-T returns. The incomes that are associated more with a housewife are discussed in detail here. The benefits of filing I-T Return by a housewife are discussed in this article.
1. An authentic record of income There is no record as authentic as I-T Return of your income. Through I-T Return acknowledgment, the Government certifies that you have earned this income and the government acknowledges it. This income proof document can be used on numerous occasions as may be needed.
2. Visa Application In case you want to travel abroad on any purpose, you may need a visa and the visa-issuing authorities ask for proof of income of the last few years to issue a visa and in such cases, the I-T Return filed is the most authentic proof.
3. Application for loan In case you intend to apply for any loan, may it be a housing loan or consumer loan or personal loans, the lending bank or institution asks for I-T Return and you submitting the I-T Returns gives much-needed confidence to the lender to sanction loan to you.
4. Claim refunds In case you have accumulated funds in a bank account or a fixed deposit which has earned interest income less than ₹250,000/- but more than ₹40,000/- (in case of Senior citizen Rs. 50000), then also the bank may deduct TDS though you may not be required to filed I-T Return. In such a case, in order to get your deducted tax back as a refund, you must file your I-T Return.
These are few tangible advantages of filing I-T Return regularly even though the income is not taxable. And the most important intangible advantage is the confidence that you get. Therefore, file your I-T Return, this year.