Income tax return (ITR) has to be filed by July 31 for the year 2023-24. Many people believe that if their annual income is less than Rs 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 income tax net, you should still file the return, because if you file ITR, you get many benefits from it. Filing ITR makes it easier to get a loan. Apart from this, it is also necessary for visa. We are telling you about 5 benefits of filing ITR. 1. Ease of getting loan: ITR is the proof of your income. All banks and NBFCs accept it as income proof. If you apply for a bank loan, banks often ask for ITR. If you file ITR regularly then you can easily get loan from the bank. Apart from this, you can easily avail loan and other services from any financial institution. 2. Necessary for visa: If you are going to another country, then when you apply for visa, you may be asked for income tax return. Visa authorities of many countries ask for ITR of 3 to 5 years for visa. Through ITR, they check what is the financial status of the person who wants to come to their country. 3. To claim tax refund, if tax has been deducted from your income and deposited with the government, then you cannot get it back without filing ITR, even if your income does not come under the ambit of income tax. If you want to claim 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 your bank account. 4. ITR receipt also serves as address proof ITR receipt is sent to your registered address, which can serve as address proof. Apart from this, it also works as income proof for you. 5. It is easy to carry forward the loss. If you invest in shares or mutual funds and you suffer a loss, then it is necessary to file income tax return within the prescribed time limit to carry forward the loss to the next year, because next year If you have capital gains, this loss will be adjusted against this profit and you can get the benefit of tax exemption on the profit.
