Filing the ITR will facilitate individuals, after they got to apply for a vehicle loan (2-wheeler or 4-wheeler), House Loan and so forth All major banks will arouse a duplicate of tax returns as an indication of financial gain statement
is a compulsory document for the loan approval.
Claim Tax Refund:
There can be instances once tax has been subtracted (TDS) from your income even when your total dutiable income is a smaller amount than the essential exemption limit and you have got cipher liabilities for that year. In such a case, you may have to claim TDS refund that you may got to file associate degree revenue enhancement come compulsorily.
If you're needed to file your tax returns per the income tax act, however didn’t, then the tax officer deserves the proper to impose a penalty of not less than Rs.1,000 when the total income doesn't exceed Rs. 5 lakhs & Rs. 5,000 in any other case.
Transfer Your Losses:
If you file the come at intervals the original due date, you may be ready to transfer losses to resulting years, which might be accustomed go away against the financial gain of subsequent years. this implies you'll deduct sure losses from the relevant income which is able to assist you scale back your liabilities of the long run income. this can be unacceptable while not filing of the revenue enhancement return.
Fast Visa process:
Most embassies & consultants need you to furnish copies of your tax returns for the past number of years at the time of the visa application. These are amongst mandatorily needed documents and therefore it's continuously best to timely file your ITR.