KarSaathi

  Why Filing ITR with No Income is Smart?   Every year, more than 5 crore people file income tax returns that have no tax liability. So why are people who don’t need to file ITR spending time filing income tax returns when they can relax on their sofa and watch Netflix?  If you are a salaried individual with no tax liability, you don’t need to file an ITR, but if that’s the case, why are 15-20% of all ITRs are Nil ITRs? Whenever we talk about filing income tax returns, the first vision that comes to everyone’s mind is a lot of documents, complex calculations and a lot of confusion; that’s why the general public gets a bit baffled when it comes to ITR filing. Who needs to file ITR in India? Should I file ITR even if I have no income? The first question that comes to everyone’s mind is who should file an ITR. Don’t worry. Here’s a breakdown of who needs to file ITR: Mandatory Filing:  The Government has set Mandatory income tax filing for individuals that exceed the basic exemption limit

  First-Time ITR Filer in 2023-24? Essential ITR Filing Tips for New Taxpayers: There will be more than 53 lakh first-time ITR filers in the financial year 2023-24, which is excellent news, and chances are that you are also one of them. Filing ITR feels like an achievement as it shows that you’ve entered a new life phase and can contribute to nation-building. From the outside, we all are proud and excited, but we all can agree that we are equally nervous and confused in our minds. The financial terminologies scare the majority of us, and filing online ITR feels like climbing a mountain. No need to worry; here are some essential tips that will help newbies file ITR like a pro. Filing ITR is way easier and simpler if you follow these tips: 1. Get the basics right It is a human tendency that we feel we know a lot, but in reality, we know way less than we think. Forget taxes, most people don’t even know how zip’s work. So, if you want a stress-free ITR filing experience, start with the bas