Every salaried person whose salary comes under the purview of income tax, he files his income tax return after the end of the financial year. It is mandatory to file ITR for the salary coming under the purview of Income Tax. But, there are many people whose salary does not come under the purview of Income Tax. In such a situation, it is not mandatory for people to file ITR. In such a situation, many people do not file income tax. But, according to income tax experts, you should avoid doing so. Even if your salary does not come under the purview of income tax, but you must file an income tax return.
According to income tax rules, people above 60 years of age get an additional tax exemption of Rs 3 lakh. Senior citizens above 80 years of age get additional tax exemption of up to 5 lakhs. If your salary is less than 5 lakhs, then you do not come under the purview of paying income tax, even then you must file income tax return. From this you can get many big benefits in future. So let us tell you about the benefits of filing income tax return-
These benefits are available on filing ITR
It is easy to get loan,
nowadays most of the people choose the option of loan to buy house, property, car etc. In such a situation, whenever you go to any bank or financial company to take a loan, they give you a loan on the basis of your income. Along with this whether you file income tax return or not. Most of the banks ask for ITR for 3 years before giving the loan. Your loan amount is decided on the basis of income shown by you in ITR.
ITR required to get income tax return
If a part of your salary is deducted as TDS, then in such a situation you can easily claim your deducted TDS again by filing income tax return. Along with this, you can also save tax through ITR on the interest received on many savings schemes.
ITR is a valid document
ITR filing is very important for people who do their own work or are free-lancers. The company issues Form-16 to every employee. In this case, this document is a valid income proof. You can show it as your income proof anytime.
You can claim during visa processing, to
go anywhere abroad, we need a visa of that country. In such a situation, we need ITR for visa processing. ITR shows whether you are eligible to go abroad or not. By having ITR, you get visa easily.