Tags : income tax return filing
Why you should file your ITR today?
Published On: | Administrator
Do you still wonder whether it’s the right time for you to start filing your ITR?
It is suggested that you should file your ITR whether your income is above the exemption limit or not.
It has several benefits and Best Legal Services has compiled all the benefits of ITR Filing, as follows:
i) Claim for refund
When one makes investments or earns an income from which the employer already deducted TDS, ITR proves helpful in claiming a refund of the same.
Also, if one omits to file the ITR, TDS gets double. So, filing an ITR saves your money as well.
ii) Avail loan facility easily
Most banks and financial institutions that provide loan facilities ask the applicant to produce ITR of at least preceding three assessment years.
Such a condition is imposed to assess the credit worthiness of the applicant and whether he earns an income sufficient to repay the loan.
iii) Hassle-free visa approval
ITR can be used to obtain visa approval as it gives the destination country true insights into the financial condition of the applicant.
While examining the visa application, ITR is examined for some countries to know whether the applicant would be able to sustain a decent lifestyle in the destination country.
iv) Claim for losses
ITR helps an individual taxpayer to claim for such carry forward losses. However, such a claim can be made only when the Income Tax Return (ITR) is filed within the due date.
If it is filed after the due date, it attracts a penalty and the assessee loses the opportunity to make a claim for losses suffered.
v) Proof of income
ITR is the most reliable proof of income a person can present to various authorities.
The benefit of the EWS scheme can be sought when the application filed for it, is attested with ITR.
Also, one must keep his ITR up-to-date to ensure that he/she can become a beneficiary of the schemes launched by the central government.
One should file his/her ITR without considering whether the income is above the exemption limit or not. Filing of ITR reaps the following benefits for the assessee:
i) Claim for refund,
ii) Avail loan facility easily,
iii) Hassle-free visa approval,
iv) Claim for losses, and
v) Proof of income.
Therefore, you must file your ITR today if you haven’t filed it yet and sign up for the abovementioned benefits. Contact us at- bestlegalservices.in