ITR Filing: On filing income tax return, apart from getting refund, the taxpayer gets many benefits including loan and visa approval. Let us know all the benefits of filing ITR.
There are many benefits of filing income tax return. We are telling you about it.
Benefits of ITR Filing: The process of filing income tax for the financial year 2023-24 and assessment year 2024-25 has started. You can file returns till July 31, 2024 without penalty.
It is necessary to file ITR for those whose salary comes in the income tax slab, but, those whose income is outside the tax slab can also get many types of benefits by filing income tax return on time. Know about this.
By filing ITR, you can easily get loan approval from banks. Usually, most banks and loan giving financial institutions take details of at least three years of ITR from the customers.
You can use ITR documents as income proof. Income proof is required to get loans like car loan, home loan etc.
ITR documents are required to get visa of many countries. Embassies of many countries use ITR documents as proof to know the financial status of a person.
You can claim TDS deducted more than the amount payable while filing income tax. After filing ITR, the Income Tax Department checks the tax claim and transfers the excess amount deducted to the taxpayer’s account.
