Benefits of Filling ITR
Easy Loan Approval
Filing the ITR will help individuals, when they have to apply for a vehicle loan , House Loan etc. All major banks can ask for a copy of tax returns
Claim Tax Refund
If you have a refund due from the Income Tax Department, you will have to file an Income Tax Return to claim the refund.
Quick Visa Processing
Most embassies & consulates require you to furnish copies of your tax returns for the past couple of years at the time of the visa application.
Carry Forward Your Losses
If you file return within due date, you will be able to carry forward losses to subsequent years, which can be used to set off against income of subsequent years.
Avoid Penalty and Tax Notices
If you are required to file your Tax returns but didnโt, then the tax officer deserves the right to impose a penalty
