New Delhi18 minutes ago
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The process of filing income tax returns ie ITR has started for financial year (FY) 2024-25. This time the Income Tax Return (ITR) has to be filed by 15 September 2025. Many people believe that if their annual income is less than two and a half million and they do not come under the tax, then they do not need to fill ITR, but it is not so.
Even if you do not come under the purview of income tax, you should still file returns, because if you file ITR, then you have many benefits. Filing ITR makes it easier to get a loan. We are telling you about the 4 benefits of filing ITR.
First of all, know what is the Income Tax Return (ITR)? Income tax return (ITR) is a kind of account that you give to the government. In this, you tell you how much earning you have earned last year, what earnings have to be paid and how much tax you have paid in advance. This shows that as tax, you will give some more money to the government or the government will return some money to you.
1. Ease of getting loan ITR is proof of your income. All banks and NBFC accept it as income proof. If you apply for a bank loan then banks ask for ITR many times. If you regularly file ITR, then you get a loan easily from the bank. Apart from this, you can easily get other services in addition to loans from any financial institution.
2. Required for Visa If you are going to another country, then when you apply for a visa, you can be asked for income tax returns. Visa Authority of many countries asks for 3 to 5 years ITR for visas. Through ITR, they check what a man wants to come to their country what is his financial status.
3. To claim tax refund If the tax has been deducted from your income and submitted to the government, then you cannot get it back without filing the ITR, even if your income is within the income tax, the basic examped in the income tax. If you want to claim tax refund, then it is necessary to file ITR for this. When you file an ITR, the Income Tax Department assesses it. If your refund is made, it is credited directly to the bank account.
4. Carrie is easy to carry out losses If you invest in share or mutual funds and you have a deficit, then it is necessary to file income tax returns within the stipulated time for the deficit to carry forward the next year, because if you have a capital gains next year, then this deficit will be adjusted by this benefit and you can get the benefit of tax exemption.
