Income Tax Return (ITR) is a solid proof of any person’s income. If you have not filed ITR yet, then understand its benefits well and file ITR before 31 July.
Benefits of ITR Filing: People who do jobs but their income is not so much that they need to pay tax, that is, those who do not fall in the tax slab, such people should also file income tax return. Such people should file zero return. It is also called Nil ITR. Nil ITR is filed to inform the Income Tax Department that your income is not taxable and hence you have not paid tax during that financial year.
Although filing zero return is not mandatory, but if you file it, then there are many benefits in future because Income Tax Return (ITR) is a solid proof of income of any person. If you have not filed ITR till now, then understand its benefits well and file ITR before 31st July. Know about it here.
You will get loan easily
The biggest advantage of filing Nil ITR is that you get loan easily. In today’s time, every person needs loan for land, business, house or vehicle etc. Meanwhile, the financial institution giving loan asks you for proof of income. If you have a job, then you can give proof by giving salary slip, but if you are not employed or are a housewife and want to take a loan to start some work, then your loan will be approved easily. In such a situation, you will have to submit a copy of the income tax return of the last 3 years to the bank. This will work as a strong proof of your income.
Ease in getting visa
America and some developed western countries ask for a copy of income tax return in the process of issuing visa. Through ITR, it is checked what is the financial status of the person who is coming or wants to come to their country. That is, it is necessary to file ITR for visa also. For those who do not earn themselves, a copy of the ITR of their parents or guardian can be given.
For insurance policy of large amount
When you buy any insurance policy of Rs 50 lakh or 1 crore or more, then you need to show the ITR receipt for it. In LIC, especially if you take a term policy of Rs 50 lakh or more, ITR documents will be asked from you. This decides whether you are eligible to get insurance of such a large amount or not.
Helpful in starting a business
If you are starting a business in which you want to get a contract from a government department, then it is very important for you to file ITR. ITR of last 5 years is necessary to get a contract in any government department.
Your return is also proof of address
Nowadays it is the time to file income tax return online. But if you file it manually then the receipt of income tax return is sent to the registered address. Due to this it is also accepted as address. ITR becomes address proof along with income.
