Winning Bizness Desk

Mumbai. Only a few days are left to file Income Tax Return (ITR) for the year 2021-22 and its last date 31st July nearing very fast. Many people believe that if their annual income is less than 2.5 lakhs 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 still file returns, because if you file ITR, then it gives you many benefits. Filing ITR makes it easier to get a loan. Apart from this, it is also necessary for visa. Here Winning Bizness telling you about the benefits of filing ITR.

Ease of getting loan

ITR is the proof of your income and it is accepted by all banks and NBFCs as income proof. If you apply for a bank loan, many times banks ask for ITR. If you file ITR regularly, then you can easily get loan from the bank. Apart from this, you can easily avail other services apart from loans from any financial institution.

To claim tax refund

If tax has been deducted from your income and deposited with the government, you cannot get it back without filing ITR, even if your income is within the basic exemption limit for income tax. If you want to claim tax refund, then it is necessary to file ITR for this. When you file ITR, the Income Tax Department does its assessment. If your refund is made, it is directly credited to the bank account.

Visa required

If you are going to another country, you may be asked for an income tax return when you apply for a visa. Visa authorities of many countries ask for ITR of 3 to 5 years for visa. Through ITR, they check that the financial status of the person who wants to come to their country is.

Also works as address proof

The ITR receipt is sent to your registered address, which can act as an address proof. Apart from this, it also acts as income proof for you.

Easier to carry forward losses

If you invest in shares or mutual funds and you have a loss, then 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 a capital gain in the next year, then this loss will be like this. The profit will be adjusted and you can get the benefit of tax exemption on the profit.