ITR Filing: Even if your income is not taxable, still file ITR, you will get many benefits...this is the last date
Income Tax Return (ITR) is a strong proof of the income of any person. If you have not filed ITR till now, then understand its benefits well and file ITR before 31st July.
Benefits of ITR Filing: People who do a job but their income is not so high that they need to pay tax, that is, those who do not fall in the tax slab, such people should also file income tax return. Such people should file zero return. It is also called Nil ITR. Nil ITR is filed to inform the Income Tax Department that your income is not taxable and hence you have not paid tax during that financial year.
Although filing zero return is not mandatory, but if you file it, then you get many benefits in the future because Income Tax Return (ITR) is a strong proof of the income of any person. If you have not filed ITR till now, then understand its benefits well and file an ITR before 31st July. Know about it here.
Loans will be available easily.
The biggest advantage of filing a Nil ITR is that you get a loan easily. In today's time, every person needs a loan for land, business, house vehicle, etc. Meanwhile, the financial institution giving a loan asks you for proof of income. If you have a job, then you can give proof by giving a salary slip, but if you are not employed or are a housewife and want to take a loan to start some work, then your loan will be approved easily. In such a case, you will have to submit a copy of the income tax returns of the last 3 years to the bank. This will serve as a solid proof of your income.
Ease in getting visa
America and some developed western countries ask for a copy of the 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 or wants to come to their country. That is, filing ITR is also necessary for visa. For those who do not earn themselves, a copy of the ITR of their parents or guardian can be given.
For insurance policy of large amount
When you buy any insurance policy of Rs 50 lakh or 1 crore or more, then you need to show the ITR receipt for it. In LIC, especially if you take a term policy of Rs 50 lakh or more, ITR documents will be asked from you. This decides whether you are eligible to get insurance of such a large amount or not.
Helpful in starting a business
If you are starting a business in which you want to get a contract from a government department, then it is very important for you to file ITR. ITR of the last 5 years is also necessary to get a contract in a government department.
Your return is also an address proof
Nowadays it is the time to fill income tax return online. But if you fill it manually then the receipt of income tax return is sent to the registered address. Due to this it is also accepted as an address. ITR becomes the address proof along with income.
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