Even if you do not come under the income tax net, you should still file returns, because if you file ITR, then it gives you many benefits. Filing ITR makes it easier to get a loan. Apart from this, it is also necessary for visa. We are telling you about the benefits of filing ITR.
Ease of getting loan
ITR is the proof of your income. It is accepted by all banks and NBFCs as income proof. If you apply for a bank loan, many times banks ask for ITR. If you file ITR regularly, then you can easily get loan from the bank. Apart from this, you can easily avail other services apart from loans from any financial institution.
If you are going to another country, you may be asked for an income tax return when you apply for a visa. Visa authorities of many countries ask for ITR of 3 to 5 years for visa. Through ITR, they check that the financial status of the person who wants to come to their country is.
To claim tax refund
If tax has been deducted from your income and deposited with the government, you cannot get it back without filing ITR, even if your income is within the basic exemption limit for income tax. If you want to claim tax refund, then it is necessary to file ITR for this. When you file ITR, the Income Tax Department does its assessment. If your refund is made, it is directly credited to the bank account.
Also works as address proof
The ITR receipt is sent to your registered address, which can act as an address proof. Apart from this, it also acts as income proof for you.