evidence: Nil ITR Filing for AY 2023-24: While the Income Tax rules do not mandate individuals to file Income Tax Return (ITR) if their income is less than the basic exemption limit of Rs 2.5 lakh (Rs 3 lakh in the case of senior citizens for AY 2023-24), experts say you should file a Nil ITR even when your income is below the taxable threshold as there are several benefits of doing so. "Section 139(1) of the Income Tax Act does not mandate individuals with income not exceeding the basic exemption limit of Rs. 2.5 lakhs (Rs 3,00,000 or Rs. 5,00,000 as applicable in case of senior citizens and super senior citizens respectively) to file their tax return," says Dr Suresh Surana, Founder of RSM India, a tax consultancy firm. [...] - Students applying for availing scholarships may require to submit their tax return proofs.