ITR Filing 2025: Let us tell you that taxpayers have to file income tax returns by March 31. Even if your income is low and you do not fall under the income tax slab, filing tax returns can still be beneficial for you.
ITR Filing 2025: Due to coming under the tax slab, crores of taxpayers file income tax returns (ITR) every year. But do you know that even if your income does not come under the tax limit, there are many benefits of filing ITR. It is a financial document which proves to be helpful in loans, investments, visas and many other matters. That is, it not only saves you from legal hassles, but also gives financial benefits. So even if your income is low and you do not fall under the income tax slab, filing tax returns can still be beneficial for you.
There are many benefits of filing ITR, so financial advisors also advise those people to file returns for whom filing ITR is not necessary. Let us tell you that taxpayers have to file income tax returns by March 31. Let us now tell you 5 big benefits of filing (ITR Filing Benefits).
1. Tax refund claim
Even if your income is low, but if TDS (Tax Deducted at Source) is deducted from it every month, then you can get your deducted money back only by filing ITR. TDS can be deducted on your salary, commission, interest or fees. If more TDS has been deducted on your income than necessary, then you have only one way to get it back, filing ITR.
2. Ease in getting loan from bank
If you need a business loan, home loan, car loan or personal loan, then at such a time your ITR acts as an important income proof. Before giving a loan to any person, banks or NBFCs check his income and whether he files tax or not. If you have ITR proof of the last 2-3 years, then it will be easy for you to get a loan.
Let us tell you that you can get a loan even if you do not have ITR, but then the banks can charge you a higher interest rate. Therefore, if you are planning to take a loan in the future, then filing ITR will be beneficial for you.
3. Help in applying for visa
If you are thinking of traveling abroad or applying for a visa for a job or education abroad, then at such a time your ITR will prove to be an important document. Embassies of many countries ask for 2-3 years’ ITR receipt for income proof. Especially, if someone is applying for a visa to countries like America, Canada, Europe or Australia, then ITR of the last few years can be asked from him. Actually, ITR gives an idea of ​​the financial condition of the visa applicant, which helps in knowing whether he can manage his expenses in another country or not.
4. Will be useful in insurance cover and investment
If you want to take a big insurance policy (such as a term plan of 50 lakhs or 1 crore), then insurance companies can ask you for ITR receipts of the last few years. Apart from this, if you want to invest in the stock market, mutual funds or other investment instruments, then even at such times ITR comes in handy as a strong financial record.
5. Applying for a credit card will be easy
If you are applying for a credit card, then filing ITR strengthens your credit score. It assures the bank and other institutions that you are a responsible taxpayer and your financial condition is stable. Which will make it easier for you to get a credit card.
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