ITR: You will get these 5 facilities by filing an ITR
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 an ITR, you get many benefits from it. Filing an ITR makes it easier to get a loan. Apart from this, it is also necessary for a visa. We are telling you about the 5 benefits of filing an ITR.
1. Ease of getting a loan
ITR is 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 a loan from the bank. Apart from this, you can easily avail of loans and other services from any financial institution.
2. Required for visa
If you are going to another country, you may be asked for income tax returns when you apply for a visa. Visa authorities of many countries ask for an ITR of 3 to 5 years for a 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 an ITR, even if your income does not come under the ambit of income tax. If you want to claim a tax refund then it is necessary to file an ITR. When you file an 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 losses
If you invest in shares or mutual funds and suffer a loss, it is necessary to file an income tax return within the prescribed time limit to carry forward the loss to the next year, because if you have capital gain in the next year, then this loss will be carried forward to the next year. It will be adjusted from profit and you can get the benefit of tax exemption on profit.
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