Everyone benefits from filing ITR. Income Tax Return (ITR) is the most reliable proof of income of an individual. Therefore, in the future, it is very useful to take a loan or get a visa of any country.
New Delhi. The Income Tax Department’s portal for filing Income Tax Return (ITR) is now open and income tax payers can fill ITR online. There is a hesitation among us regarding filing income tax return. The income of most of the people of our country does not come under the purview of tax. That’s why they feel that when it is not mandatory for them to file Income Tax Return, then why should they get into this trouble.
However, his belief is not correct. Everyone benefits from filing ITR. Income tax return is the most reliable proof of income of a person. Therefore, in the future, it is very useful to take a loan or get a visa of any country. That’s why you must file ITR. So, let’s know the benefits of filing ITR.
If you want to take car loan or home loan, then ITR will come in handy
Banks 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. Your ITR receipt will be a proof that you are earning a steady income. That’s why banks will give you a loan on priority, because they will not be in danger of losing their money.
Required for TDS refund
Your income does not come under the purview of income tax, even if TDS is deducted for some reason, then you will get refund only when you file ITR. Only after the ITR is filed, the Income Tax Department assesses whether you have to pay income tax. If your refund is being made, then the department sends it to your bank account. So if you do not file ITR, you may be denied refund.
Helpful in setting off losses
ITR is also very helpful for those investing in shares or mutual funds. In case of loss in these, it is necessary to file carry forward income tax return to the next year. 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. That’s how it works here too.
Ease of getting visa
Many countries also ask for proof of income from the visitor while granting the visa. 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 the ITR receipt ensures that you are able to meet the expenses incurred on your travel.
