The biggest advantage of filing income tax return is that you can show this document anywhere as a proof of income. Form-16 is issued by the company to file income tax return return.
If you have not yet filed income tax return for the financial year 2021-2022, then do this work as soon as possible. If we talk about tax exemption, then people with less than 5 lakh salary get the benefit of tax exemption.
At the same time, the salary of some people is less than 2.5 lakhs. In such a situation, he thinks that what is the need for him to file income tax return.
According to the tax rules, a person above 60 years of age in the country does not have to pay tax on earning up to 3 lakhs. At the same time, a limit of up to 5 lakh has been fixed for a person above 80 years.
They do not even come in the income tax slab. But, it is absolutely wrong to think so. Even if your salary is less than Rs 2.5 lakh, but you must file income tax return. Due to this, the taxpayer gets many benefits. So let’s know about this-
1. Ease of getting loan
Let us tell you that if a person is going to take a loan, then the bank first checks his CIBIL score.
This CIBIL score is based on your income. How much loan will the bank give you for how much time and how much interest rate will be charged from you, all these things depend on your income tax return.
Banks demand at least 3 ITRs from you on home loan, car loan, personal loan etc. Hence filing ITR determines your loan eligibility.
2. Benefit of Tax Refund
Filing of Income Tax Return also helps you in saving interest on term deposit scheme. Along with this, you can claim your tax refund by filing ITR. If your multiple sources income is more than 2.5 lakhs and less than 5 lakhs then you can claim your tax refund by claiming deducted TDS.
3. Use Income Tax Return as Income Proof
The biggest advantage of filing Income Tax Return is that you can show this document anywhere as an income proof. Company Form-16 is issued to file Income Tax Return Return. In this, the information about the income of the employee is recorded.
Those who do their own work or are freelancers can also use ITR filing documents as income proof.
4. Helps in getting
visa ITR is demanded while applying visa for any country. This shows what is the annual income of the person. It also gives an idea of what is your current financial situation and whether you will be able to bear the cost of living abroad.
