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Wednesday, 14 July 2021

Filing an income tax return makes many things easier like getting a visa and a loan, here are 8 benefits of filing an ITR

 Filing an income tax return makes many things easier like getting a visa and a loan, here are 8 benefits of filing an ITR

Filing an income tax return makes many things easier like getting a visa and a loan, here are 8 benefits of filing an ITR


The process of filing Income Tax Return (ITR) for the year 2020-21 has started. You must file an ITR by September 30. Many people feel that they do not need to file an ITR if their annual income does not come under income tax. When it is wrong to think so. You should file a return even if you are not covered by income tax. There are several benefits to filing an ITR. We are telling you about the benefits of filing ITR.


To claim a tax refund

If you want to claim a tax refund, you need to file an ITR. When you file an ITR, the Income Tax Department assesses it. If your refund is made, it is credited to a direct bank account.


Required for visa

If you are moving to another country, you may be required to file an income tax return when you apply for a visa. Many countries require ITRs ranging from 3 to 5 years for a visa authority visa. Through ITR they check what is the financial status of the person who wants to come to their country.


Proof of income remains

Whenever a person files an income tax return, he gets a certificate. Form 16 is filled with it whenever an ITR is filed, Form 16 is found where the person is employed. In this way a government certified document is made which proves that the annual income of a person is fixed. Getting a registered amount of income helps you prove credit card, loan or credit yourself.


Bank loans are easily available

ITR is proof of your income. It is accepted by all government and private organizations as proof of income. If you apply for a bank loan, the bank often seeks an ITR. You can easily get a loan from a bank if you file a regular ITR. In addition, you can easily get services other than loans from any financial institution.


It is easy to carry forward the loss

If you have invested in stocks or mutual funds and you have incurred a loss, it is necessary to file an income tax return within the stipulated time to carry forward the loss next year. This is because if you have a capital gain next year, the loss will be adjusted by this gain and you can get the benefit of tax deduction on the gain.


Uses as proof of address

The ITR receipt is sent to your registered address, which can serve as proof of address. It also works as an income proof for you.


ITR is required to start your own business

It is important to file an ITR if you want to start your own business. In addition, if you want a contract for any of your departments, you have to show ITR. To get a contract in a government department, one has to give ITR of last 5 years.

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Insurance companies seek ITR for extra insurance cover

If you want to take an insurance cover (term plan) of Rs 1 crore, insurance companies can ask you for an ITR. In fact, they only rely on ITR to find out your source of income and check its regularity.

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