5 Reasons You Should File Income Tax Return Even If You Don't Have Taxable Income

Even though you don't have taxable income, filing returns can allow you to secure a legal document which acts both as a proof of identity as well as income, which is important for several transactions.

Although there is no point of claiming deductions when you aren't paying taxes, filing a return allows you to claim refunds on the tax deducted at source by the employer irrespective of income level.

Proof of tax returns for three years is also an essential document when one applies for home or car loans in the future.

Despite income being below the tax slab, an individual can use tax returns to carry forward the losses they suffered in the stock market to the next year.

If you don't have taxable income but plan to go for a budget trip abroad, a lot of countries will want to see your income tax return form.