ITR Tips: Those filing ITR will get these 5 big benefits, even difficult tasks will be done quickly..
In such a situation, a copy of the income tax return of the last 2 or 3 years comes in handy and it becomes easier to get the loan. Income Tax Return (ITR) is a solid proof of any person's income.
Easy loan
In today's time, most people take loans to buy a house, land, or car, or to start a business. At the time of the loan, you are asked for proof of your income. In such a situation, employed people can still show the company's salary slip, but for those who are not employed, how will they provide proof of income? In such a situation, a copy of the income tax return of the last 2 or 3 years comes in handy and it becomes easier to get the loan. Income Tax Return (ITR) is a solid proof of any person's income.
ITR is necessary for visa
When you go to visit another country, you need to get a visa. Visa authorities of many countries ask for a copy of income tax return in the process of issuing a visa. Through ITR, it is checked what is the financial status of the person who is coming to his country or wants to come. For those who do not earn themselves, a copy of the ITR of their parents or guardians can be given.
For large amount insurance policies
When you buy any insurance policy worth Rs 50 lakh or Rs 1 crore or more, you need to show the ITR receipt for it. In LIC, especially if you take a term policy of Rs 50 lakh or more, you will be asked for ITR documents. This decides whether you are eligible to get insured for such a huge amount or not.
Helpful in starting a business
If you are starting a business in which you want to get a contract from any government department, then you need to file an ITR. ITR of the last 5 years is also necessary for taking a contract in any government department.
Your return is also address proof
Nowadays it is the era of filing income tax returns online. But, if the income tax return is filed manually, the receipt is sent to the registered address. Due to this, it is also accepted as an address. ITR becomes address proof along with income.
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