Awesome Benefits of Filing ITR On Time

As responsible and law-abiding citizens serious about nation-building, it’s our responsibility to perform our duties on time. One of them is to keep the income tax department informed about our present income and taxation status.

But paying timely income taxes also provides several benefits, some of which you might not know in the first place. Let’s take a look at some of the excellent results of filing ITR and why everyone should pay their taxes to make a positive difference. When your annual income exceeds the basic exemption limit of ₹2,50,000, filing ITR is a must and doing this comes with these benefits -

Get your loans approved easily.

Usually, when you go to a bank or financial institution to avail a loan, they will ask you to furnish some documents, including three years’ ITR files. Presenting ITR fastens the loan approval process because financial institutions can assess the health of your financial status and decide.

Income tax return e-filing across India is easy with various service providers.

Proof of income and address

ITR filing documents act as powerful sources of information to show your income and address proof. For self-employed professionals who do not have any proper address proof, this is very helpful since they can furnish these documents to avail various facilities, including applying for loans.

Quick processing of visa

Various countries require visa applicants to submit their ITR receipt of the past three years as an essential part of processing their request. This lets them know if the applicant is a tax-compliant citizen of the country and if s/he could manage expenses during their trips.

Tax refunds

Another advantage is that if you’ve investments done in tax saving instruments and qualify to get a refund, you can get it. Keeping a record of all your returns gives you insights into how your financial status fared over time.

These are some of the benefits of income tax return filing. Ever since the introduction of the Income Tax Act of India, 1961, it has been amended from time to time depending on the country’s socio-economic conditions and inflation. Please note that filing ITR on time is mandatory for eligible people. Failing or delaying to file ITR could be costly and comes with a penalty.

To learn more about income tax and its different aspects, tax returns and income tax return e-filing across India, please feel free to follow this website now. Alankit.com