Loan is easily available on filing income tax return

Loan is easily available on filing an income tax return: file ITR even if the annual income is less than 2.5 lakh, know here its 5 benefits

Jun 4, 2023 - 18:09
Loan is easily available on filing income tax return

Income Tax Return (ITR) has to be filed by 31 July 2023 for the financial year (FY) 2022-23. Many people believe that if their annual income is less than 2.5 lakh and they do not come under the tax net, then they do not need to file 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 get many benefits. Filing ITR makes it easy to get a loan. We are telling you about the 5 benefits of filing an ITR.
ITR is proof of your income. All banks and NBFCs accept it as income proof. Banks sometimes ask for ITR if you apply for a bank loan. If you file ITR regularly then you can easily get a loan from the bank. Apart from this, apart from loans, you can also easily avail of other services from any financial institution.
If you are going to another country then when you apply for a visa you may be asked for an income tax return. Visa authorities of many countries ask for an ITR of 3 to 5 years for a visa. Through ITR, they check the financial status of the person who wants to come to their country.
If tax has been deducted from your income and deposited with the government, you cannot get it back without filing ITR, even if your income is within the basic exemption limit in income tax. If you want to claim a tax refund, then it is necessary to file ITR. When you file ITR, the Income Tax Department assesses it. If your refund is made, it is directly credited to the bank account.
The ITR receipt is sent to your registered address, which can serve as address proof. Apart from this, it also acts as an income proof for you.
If you invest in shares or mutual funds and you have a loss, then it is necessary to file the income tax return within the prescribed time limit to carry forward the loss to the next year, because if you have a capital gain in the next year, then this loss will be carried forward. Will adjust with the profit and you can get the benefit of tax exemption on profit.

Muskan Kumawat Journalist & Writer