Many Benefits Of Filing Income Tax Return. Check Details Here

Many Benefits Of Filing Income Tax Return. Check Details Here

The last date for filing original income tax returns for the assessment year 2021-22 in the country is December 31. In such a situation, an appeal is being made by the government and financial institutions to fill the ITR as soon as possible. There are also many people in the employed, whose salary does not come in the tax bracket or even if it comes, then they feel that there is no need to fill ITR. But it is wrong to think so. Whether you are in the income tax net or not, you must file a return. Let us know about 8 such benefits.

VISA is Required

Visa is required before traveling to another country. While applying for a visa, you are asked for an income tax return. Visa authorities can ask for ITR for 3 to 5 years. Through ITR, it is checked that what is the financial status of the person who is coming or wants to come to their country. That’s why ITR must be filled.

ITR is the most important Income Proof

Taxpayers get a certificate on the filing of income tax return. This is a government proof, which shows the annual income of the person. Having a registered proof of income helps in proving credit card, loan or own credit.

ITR has to be filled if you want tax refund

Many times the income of the salaried person does not come under the purview of slab tax, yet TDS is deducted due to some reason. In such a situation, if you want a refund, then it is necessary to file ITR. ITR has to be filed to claim tax refund. After the ITR is filed, the Income Tax Department does its assessment. If your refund is being made, then the department processes it and puts it in your registered bank account.

Get loan easily

The proof of your income is also seen while taking the loan. Especially in the case of home loan, ITR is asked for up to three years as income proof. This is applicable in all government and non-government banks. If you apply for a loan without ITR, then banks can also refuse it. If you file ITR regularly, your chances of getting a loan increase.

Help to start business

It is very important to file income tax return even for starting a business. If you want to get contract from any department then ITR will come in handy. ITR for the last 5 years is also necessary for taking a contract in any government department.

ITR for higher insurance cover

Insurance companies see ITR on the condition of having more insurance cover or on term plans up to Rs 1 crore. Companies ask for ITR to check the source of income and repayment status.

ITR is address proof

The receipt of income tax return is sent to the registered address when filled manually. With this it is also accepted as an address. ITR is also a proof of income.

Necessary to carry forward losses in shares

ITR is also a good resource for those investing in shares or mutual funds. In case of loss, it is necessary to file income tax return within the prescribed deadline to carry forward the loss to the next year. If there is a capital gain in the next year, the loss will be adjusted against the profit and you get the benefit in tax exemption.

Disclaimer: The article is solely for the purpose of providing information only.

Dhanraj Sharma

Dhanraj Sharma is CEO of Tax Concept. He is on a Mission to Educate and Empower 10,000+ Professionals across the Country.

    One thought on “Many Benefits Of Filing Income Tax Return. Check Details Here

    1. No benefits in payment of excess tax n filing of ITR much before time…. your REFUND WILL GET STUCK…the more Grievances you have… timepass..

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