Taxpayers get a certificate when their income tax return is filed. This is a government certificate, which shows the annual income of a person. This proves to be very helpful for you in many places. Let us know about it in detail.
Often people believe that income tax should be paid only when the income is very high. But it is not necessary. Anyone can file income tax return. According to financial advisor Shikha Chaturvedi, you must file income tax returns, whether you fall in the tax slab or not. Actually, taxpayers get a certificate when the income tax return is filed. This is a government certificate, which reveals the annual income of the person, and also proves that you are a responsible citizen of the country. Apart from this, you and your family can get many benefits of filing ITR in future. Know here 5 such big benefits.
Easy loan
In today’s time, most of the people take loan to buy a house, land, car or to start a business. At the time of loan, you are asked for proof of your income. In such a situation, employed people can still show the company’s salary slip, but those who are not employed, how will they provide proof of income? In such a situation, a copy of the income tax return of the last 2 or 3 years comes in handy and it becomes easier to get the loan.
ITR is necessary for visa
When you go to visit another country, you need to get a visa. America and some developed western countries ask for a copy of income tax return in the process of issuing visa. Through ITR, it is checked what is the financial status of the person who is coming to his country or wants to come. For those who do not earn themselves, a copy of the ITR of their parents or guardian can be given.
Helpful in compensation for accidental death
In case of third party insurance, the amount insured to help the family in case of death of a person in an accident is determined according to the income of the deceased. During the court proceedings, the insurance company asks for proof from the family regarding the income of the deceased. Copy of ITR proves helpful in such a situation. With this, the family of the deceased easily gets the insurance claim.
Helpful in starting business
If you are starting a business in which you want to get a contract from any government department, then it is very important for you to file ITR. ITR of last 5 years is also necessary for taking contract in any government department.
For large amount insurance policies
When you buy any insurance policy worth Rs 50 lakh, Rs 1 crore or more, you need to show the ITR receipt for it. In LIC, especially if you take a term policy of Rs 50 lakh or more, you will be asked for ITR documents. This decides whether you are eligible to get insured for such a huge amount or not.
