Few days are left to file Income Tax Return (ITR) for the year 2021-22. You have to file ITR by 31st July. Many people believe that if their annual income is less than 2.5 lakhs 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 returns, because if you file ITR, then it gives you many benefits. Filing ITR makes it easier to get a loan. Apart from this, it is also necessary for visa. We are telling you about the benefits of filing ITR.
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Required for Visa If you are going to another country, you may be asked for an income tax return when you apply for a visa. Visa authorities of many countries ask for ITR of 3 to 5 years for visa. Through ITR, they check that the financial status of the person who wants to come to their country is.
If tax has been deducted from your income and deposited with the government for claiming tax refund , you cannot get it back without filing ITR, even if your income is within the basic exemption limit for income tax. If you want to claim tax refund, then it is necessary to file ITR for this. When you file ITR, the Income Tax Department does its assessment. If your refund is made, it is directly credited to the bank account.
Works as an Address Proof: The
ITR receipt is sent to your registered address, which can act as an address proof. Apart from this, it also acts as income proof for you.
It is easy to carry forward the loss
if you invest in shares or mutual funds and you have a loss, then to carry forward the loss to the next year, it is necessary to file income tax return within the stipulated time frame, because next year if you have If there is a capital gain, then this loss will be adjusted against this benefit and you can get the benefit of tax exemption on the profit
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