You should file income tax return even if your income is less than Rs 2.5 lakh per annum. This will give you great benefit in the future. Those who do this will get mainly three benefits, so let’s know.
The date for filing Income Tax Return (ITR) for the financial year 2021-22 has been fixed as 31 July 2022. If you have not filed income tax return yet, hurry up and file it immediately. Even if your annual income is above 2.5 lakhs or less than 2.5 lakhs, you should still file income tax return, as this gives you many benefits in the long run, so let’s know the benefits of filing ITR.
Suppose you have a loss in the stock market, mutual fund, property etc., then you can compensate that loss with income tax return. At the same time, if the TDS of an earner is deducted or tax is deducted by other means, then ITR needs to be filed. Also there are three main advantages.
Visa approval will be easy
People filing income tax returns easily get visa approval to travel abroad. The authorities ask for proof of income for the last few years to issue the visa. In such a situation, those who are going to file income tax returns every year, their data is already there, which makes them authentic. If you have a friend or family member and earn less than 2.5 lakhs, then definitely tell him about this benefit.
Income record
For those who earn less than 2.5 lakhs and file the return, then that becomes a verifiable income record in the form of income tax return. In such a situation, the Government of India (GOI) itself provides the authenticity of the income of that person. Through this income proof document, you can also give proof of this at the required places.
Get loan easily
Those who file ITR get loan easily. If you want to apply for a loan, then the lending bank or institution asks for an income tax return. In such a situation, by submitting ITR, the lender gets confidence in you and you get the loan easily. Hence, people are advised to file ITR for availing loan.
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