What is the Nil Income Tax Return: File Nil ITR - Tax Craft Hub

A Nil Income Tax Return is filed by individuals or entities whose total income for a financial year is below the taxable limit, resulting in no tax liability. Despite not owing any taxes, filing a Nil return can be important for maintaining a record of income, especially if you need to show proof of income for financial transactions like applying for loans, visas, or government tenders. It also ensures continuity in filing tax returns, which can be beneficial in future assessments or when income increases above the taxable threshold.

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