Students should file their Income Tax Return once they reach 18 years of age.All the students who have reached the age of 18 should file their Income Tax Return. This way they will adopt a very healthy financial habit as well as the ITR filing will ensure a lot of benefits to them in future. Few of the benefits are given below:
1. One can receive tax free gifts from parents and relatives.
2. A healthy habit of saving will be cultivated.
3. ITR can be used as proof for VISA processing
4. ITR will help in easy loan approvals, if needed.
5. ITR will serves as address proof.
6. ITR will serves as Income proof
7. ITR will help in credit card processing, if applied for.
8. It will help in buying high value policy at lower premium.
There are various other benefits which comes added with ITR filing for a student but, the question also arises that if there is no income then why file an ITR?
Usually, students also earn through tuitions, receive gift in cash, even earn on ISC, etc. They can disclose such income in their ITR and this way they will not only learn about the tax processes but also get the above-mentioned benefits.
If there is no Income, then too a NIL return can be filed. Also fear of taxmen and tax department will also come down, which will be a major psychological victory.