The last date for filing Income Tax Return (ITR) for the Financial Year 2021-22 or Assessment Year 2022-23 is 31 July 2022.
New Delhi. The process of filing Income Tax Return (ITR) has started. Taxpayers can file Income Tax Return (ITR Filing 2022-23) on the e-filing portal for the financial year 2021-22 or assessment year 2022-23. The government has fixed July 31 as the last date for filing ITR this year.
Easily get bank loan
Banks and other lending institutions consider ITR receipt as the most reliable income proof. If you are filing ITR and in future when you take any kind of loan including car, loan or home loan then ITR will help you a lot and you will get loan easily.
Required for TDS refund
TDS is deducted even if your income does not come under the purview of Income Tax. In such a situation, you will get the refund only when you file RTR. It is only after the ITR is filed that the Income Tax Department assesses whether you become a tax liability or not. If your refund is being made, then the department processes it and puts it in your bank account.
Ease of getting visa
Many countries ask people for proof of their income while granting visas. ITR receipts are a solid proof of your income. This helps the authorities of the country you wish to visit, get an idea of your income and ITR receipts ensure that you are able to meet your travel expenses.
Income and address proof
ITR is an important document for income and address proof. Whether it is government work or private, you can give a copy of ITR for income or address proof. It contains complete details of your income and residence etc.
Helpful in setting off losses
ITR is also very helpful for those investing in shares or mutual funds. In the event of a loss, it is necessary to carry forward the loss to the next year and file an income tax return. If there is a capital gain in the next year, the loss will be adjusted against the profit and this will give you the benefit of tax exemption.
