ITR Tips: Your ITR can also get you instant loan and visa, there are many benefits of filing returns..

If your income does not come under the tax bracket, then you do not need to file an ITR. No penalty of any kind will be imposed on you by the tax department. But if you file ITR with zero tax, then you can get many benefits in everyday life. Let us tell you one by one about the benefits of ITR with zero tax.

Ease in getting a travel visa.

You can easily get your travel visa through ITR. Actually, ITR is a proof of income, so many embassies ask for the ITR of the last 3 years to know your financial status. Also, if you are continuously filing returns, then it shows your positive financial status, due to which the chances of your visa being cancelled are reduced.

Ease in getting a scholarship.

In some cases of scholarship, students have to disclose that the total income of the family is less than the fixed limit. In such a situation, if the student's family has filed the return, then a scholarship can be easily obtained. For example, the West Bengal government has fixed the total income of the family for the girl education scholarship scheme at Rs 1.2 lakh per year. In such a situation, the government will be able to easily know from the ITR whether the student's family comes under the purview of scholarship.

Getting a loan quickly

Banks usually ask for salary slips from salaried people for loans. But if you have to take a big loan, like a home loan, then for that, you have to show the returns of many years to the bank. Banks easily verify your income through ITR. They also get to know your current financial status along with your CIBIL score. Actually, ITR is a government document, so banks easily trust it.

Necessary for TDS refund
TDS is deducted in many forms, such as on the interest of FD deposited in the bank, earning more than Rs 50 thousand in the form of rent, in such a situation, if you have filed ITR, then you can claim for TDS return.

Disclaimer: This content has been sourced and edited from NDTV India. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.