Key Points
If your gross total income in FY 2022-23 (AY 2022-23) is less than the basic exemption limit, then it is not mandatory for you to file income tax return (ITR)..
If an individual opts for the old tax regime, then the basic exemption limit will depend on the age of the person in FY 2022-23..
So, in essence if you have a legal income proof document like filed ITR, it can help your loan case.. Getting scholarships is also easier: "In some scholarship cases, the student applying for it may be required to submit their income tax return proofs," said Surana..
So, if the student and his family file their income tax returns even if their income is below the basic exemption, then it would help their son/ daughter's scholarship application...
But suppose if 5 years from now, this person gets a job abroad or scholarship to study in a foreign university, then these years of records of all legal income proved through nil ITR will help convince the foreign country's visa authorities or university board or others, and the whole process will be less time-consuming...
