Benefits Of Filing Income Tax Return (ITR)

If you have not filed Income Tax Return (ITR) yet, then the last date for filing ITR for the financial year 2020-21 is near. March 31, 2022 is the last chance to file the return (belated) with penalty. ITR has many advantages.

Increases the ability to take loan

If you are going to take a loan, then the bank checks the eligibility according to your earnings. How much loan the bank will give depends on how much your earning is and it is mentioned in the ITR. ITR is a document used by all banks for easy processing of loans. Generally, banks ask their customers for ITR for up to three years during loan processing. It is also needed if one wants to take a home loan or car loan.

Address/ Valid document for proof of earnings

Income Tax Assessment Order is used as a valid address proof. It can also be used to make Aadhar card. Form-16 is issued by the company to the employees, which states the earnings. For self-employed or freelancers, ITR filing documents are proof of earnings.

Can claim in case of loss

The taxpayer is required to file the return by the due date to claim the loss. This loss can be in the form of capital gains, business or profession. The Income Tax Act allows carry forward of losses to those who file returns in the relevant assessment year.

Visa processing

In visa processing, you can also use ITR as a necessary document. Most countries ask for ITR if going abroad. This shows that the person pays the tax on time in his country. This lets the visa processing officers know about your current financial situation and earnings. This makes it easier to get a visa.

    1 thought on “Benefits Of Filing Income Tax Return (ITR)”

    1. WHILE PROCESING THE RETURN CPC BENGALURU NOT WATCHING ALL DETAILS IN RETURN FORM ESPECIALLY IN TDS CASES. WHERE THERE IS TDS AMOUNT CPC NOT CONSIDERING AT THE TIME OF CALCULATION. ASSESSEE WILL GET LOSS FOR THIS. WHILE CALUCULATING THE TAX AND TDS AMOUNTS CPC NOT TAKING CARE. BLINDLY COMPLETE THE ASSESSMENT AND ISSUE REFUND WITHOUT TAKING THE TDS PARTICULARS. I MYSELF REQUEST YOU THAT KINDLY GIVE STRONG STATEMENT TO THE CPC. IT IS VERY USEFUL TO ME AND LIKE PERSONS OF MYSELF. THANKYOU

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