ITR Filing Benefits Explained: Income Tax Return (ITR) for the year 2023-24 will have to be filed by 31st July. Many people believe that if their annual income is less than Rs. 2.5 lakh and they do not come under the tax net, then they do not need to file ITR, but it is not so.
Even if you do not come under the income tax net, you should file the return, because if you file ITR, you get many benefits from it. Getting a loan becomes easier by filing ITR. Apart from this, it is also necessary for visa. We are telling you about 5 benefits of filing ITR.
ease of getting loan
ITR is proof of your income. All banks and NBFCs accept it as income proof. If you apply for a bank loan, banks often ask for ITR. If you file ITR regularly then you can easily get a loan from the bank. Apart from this, you can easily get loan and other services from any financial institution.
required for visa
If you are visiting another country, you may be asked for income tax returns when applying for a visa. Visa officers of many countries ask for ITR of 3 to 5 years for visa. Through ITR they check what is the financial condition of the person who wants to come to their country.
To claim tax refund
If tax has been deducted from your income and deposited with the government, then you cannot get it back without filing ITR, even if your income does not come under the ambit of income tax.
If you want to claim tax refund then it is necessary to file ITR. When you file ITR, the Income Tax Department assesses it. If you are refunded, it is deposited directly into your bank account.
ITR receipt also serves as proof of address
ITR receipt is sent to your registered address, which can serve as address proof. Apart from this, it also works as income proof for you.
It’s easy to carry forward losses
If you invest in shares or mutual funds and incur a loss, it is necessary to file income tax return within the prescribed time limit to carry forward the loss to the next year, because if you have capital gains in the next year, then this loss will be carried forward to the next year. It happens. Will be carried forward to the next year. This will be adjusted from the profits and you can get the benefit of tax exemption on the profits.
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