Last one week is left before the tax filing deadline ends on 15 September, and most taxpayers have already filed their return. The data on the I-T department’s website shows that by 7 September 2025, over 4.89 crore income tax returns (ITRs) were already filed against a total of 7.28 crore ITRs filed last year (2023-24).
But if you have not yet filed your tax return, it is vital to file it as soon as you can. Some taxpayers believe that they do not need to file their return because their tax liability is zero.
But they must be aware that they should still file their income tax return (ITR) regardless of their tax liability.
If you are also thinking about the reason for filing your return, these are some of the reasons:
Income Tax: Filing a return for these reasons
I. Closing the loop: Filing a return is an acknowledgement of sorts of having paid tax via TDS, TCS, and advance tax, failing which you have missed closing the loop.
II. Tax refund: Although there is no tax liability, there could be some tax refund if you file under a different tax regime. For instance, even if you paid your income tax in advance, your total tax liability – instead of being zero – could be negative under the new tax regime, which has lower tax slabs. So, it is important to file your return.
III. For visas of countries: When you need a visa for a country that insists on tax returns, at the time of applying for a visa for another country, you may be asked to show the tax returns of the past few years.
IV. For seeking loans: Almost all banks ask the borrowers to show the past few years’ ITR to determine their creditworthiness.
“There could be several reasons for filing the return even with zero tax. You might need the visa of another country, need a loan (business or personal) in the next 2-3 years, and to get a fair life insurance cover,” says Chirag Chauhan, founder of Mumbai-based CA Chauhan & Company.
V. For insurance claims: Income tax return helps determine the taxpayer’s income, which is a key metric to evaluate a car accident claim to compensate for loss of income as a result of the accident.
“We know a case where the kin of a woman — running a small-scale business and earning ₹5-6 lakh — could claim ₹one crore in accident insurance only because she had filed her ITR for previous years, which could prove her income from the business,” adds CA Chauhan.
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