Benefits Of Filing ITR- The time has come to file Income Tax Return (ITR) for the financial year 2023-24 and assessment year 2023-24. Very few people in India come under the ambit of income tax. Therefore, the number of people filing ITR returns here is very less. People whose annual income does not come under the tax net can also file ITR. There is no harm in filing returns, rather there is only benefit.
Benefits of filing ITR: Considering the benefits of filing ITR, financial advisors advise filing income tax returns even to those people whose income does not come under the ambit of income tax. You can get many benefits from this in future. ITR is very useful while taking a loan, starting a business, getting a visa to any country or sending children to study abroad.
Income Tax Return (ITR) is a solid proof of any person’s income. All government and private institutions accept it as income proof. The person filing ITR gets any kind of loan including car, loan or home loan quickly.
ITR receipts are solid proof of your income. If you are going to another country, you may be asked to provide proof of your income when you apply for a visa. Since ITR is a solid proof of income, you can easily get a visa by presenting it. ITR assures the authorities of the other country that you are able to bear the expenses of your travel.
Now even insurance companies have started asking for ITR receipts from those taking big term plans. In fact, they rely on ITR to know the source of income of the insurer and to check its regularity.
ITR is also very helpful for those investing in shares or mutual funds. In case of loss in these, it is necessary to carry forward the loss to the next year and file income tax return. Next year, if there is capital gain, the loss will be adjusted against the profit and this will give you the benefit of tax exemption.
Even if your income does not come under the ambit of income tax, TDS is deducted for some reason. In such a situation, you will get refund only when you file RTR. Only after the ITR is filed, the Income Tax Department assesses whether you have tax liability or not.
Also Read-
- Important information on Tax Notice and Form 16, read before filing return
- SIP Calculator: SIP of just Rs 10,000 per month can make you rich. Know how.
- PPF vs Bank FD: Which is better for income tax saving
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