In our country, many of the people whose income comes under the tax net are hesitant to file ITR. Those whose income does not come under the tax net, very few people file ITR. This is because people are not aware of the benefits of filing ITR.
New Delhi. The Income Tax Department’s portal for filing income tax returns is now open and income tax payers can file ITR online. In our country, there is a hesitation in everyone to give information about their income. This is the reason that many of the people for whom it is mandatory to file ITR, many of them do this work with great hesitation.
The income of most of the people in our country does not come under the purview of tax. That’s why they feel that there is no need for them to file Income Tax Return. Although, it is true that it is not necessary for them to file income tax return, but if they do so then they will not get any benefit, it is absolutely wrong to think that. There are many benefits of filing ITR and ITR benefits you a lot in many things.
Get instant bank loan
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, ITR will help you a lot and you will get loan easily.
Visa will be available soon
Many countries, while granting visa, also ask for proof of income from the visitor. ITR receipts are a solid proof of your income. This helps the authorities of the country you wish to visit to get an idea of your income and ITR receipts ensure that you are able to meet the expenses incurred on your travel.
TDS refund will not be available without this
Your income does not come under the purview of income tax, yet TDS is deducted for some reason, so if you will get the refund only when you file RTR. 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.
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.
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