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Income Tax Return: ITR filing deadline 31 July! You should file income tax return even if income is below exemption limit, know why

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Income Tax Return: If your income falls below the tax exemption limit, then by law you are not required to file ITR, but by doing so you lose out on many benefits. That’s why tax experts advise everyone to file ITR. The last date for filing tax returns is July 31.

Income Tax Return: If you have not yet filed ITR, then fill it immediately. The filing of Income Tax Return for the financial year 2021-22 and assessment year 2022-23 has started from June 15, 2022, and its last date is July 31. That is, according to this, now only a few days are left for filing ITR. In such a situation, if you have not filed income tax return yet, then fill it soon. If you do not file your return by July 31, then you can be jailed along with fine.

Last date for filing income tax is near

Any person who is below 60 years of age, and who earns Rs 2.5 lakh annually, is exempted from income tax. Any person whose total income exceeds the tax exemption limit, he has to file income tax return.

Everyone knows that the tax exemption limit for senior citizens above 60 years and below 80 years is Rs 3 lakh, while for very senior citizens i.e. above 80 years this limit is Rs 5 lakh. Even if your salary is less than the income tax limit, you should still file income tax return, as it has many benefits.

Benefits of filing ITR

1. Loan eligibility is decided
If you are going to take a loan, then the bank checks your eligibility, which is based on the income. That is, filling your ITR will be useful here too. Actually, how much loan the bank will give you, it depends on how much is your income that you have filed in the income tax return. Actually, ITR is a document that all banks use for easy processing of loans.

Usually, banks demand 3 ITRs from their customers during loan processing. Therefore, if you want to buy a house by taking a home loan, or want to take a car loan or take a personal loan, then ITR must be filed as it makes it easier to get the loan.

2. Required for Tax Refund
If you file ITR, you can save tax on interest earned on savings schemes like term deposits. Tax can also be saved on dividend income. You can claim tax through ITR refund, if the total income from multiple sources of income exceeds Rs 2.5 lakh, then you can claim the deducted TDS again.

3. Valid document for address, income proof
Income Tax Assessment Order can be used as a valid address proof. It can also be used to make Aadhar card. Form-16 is issued to the employees by the company. Which is his income proof. Even for self-employed or free-lancers, the ITR filing document acts as a valid income proof.

4. Can claim the loss
A taxpayer is required to file income tax return within a stipulated date to claim any loss. This loss can be in the form of capital gains, business or profession. Income tax rules allow those who file ITR in the relevant assessment year to carry forward the loss against capital gains.

5. Documents also required for visa processing
If you are going somewhere abroad, then most countries demand ITR. This shows that the person is a tax compliant citizen. This gives the visa processing officers a clear idea of ​​your current financial situation and income. This makes it easier for you to get a visa.

Pravesh Maurya
Pravesh Maurya
Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ businessleaguein@gmail.com

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