There are several advantages to filing a tax return
Representative / Bombay
For the year 2020-2021, you must file your income tax return (ITR) before December 31. If your total income is more than Rs 2.5 lakh and you have not filed your tax return by December 31st, you may not only face penalties but also a lot of problems. There are several advantages to filing an RTI. When you file a tax return, you pay no tax to the government. However, solid proof of income is presented. Benefits of filing a tax return
Easily get a loan:
A tax return is proof of income. When you take out a loan, the bank asks you for a two to three year income tax return. If you have paid the RTI, you can easily get a loan.
Beneficial in large transactions:
Paying the RTI is no problem for you in large transactions. When you buy and sell a property, make large deposits in a bank, make a large investment in a mutual fund, you will not be afraid to get an opinion from the income tax department.
Proof of residence:
A copy of the income tax return is proof of your existence. You can also use it in government work. You can provide a copy of the RTI as proof of residence for the passport.
If TDS is deducted from income, it is necessary to file an income tax return to recover it. If you are self-employed or work from home and your income is not taxable, your payroll can be deducted. In this case, you can get a TDS refund by filling out a tax return.
If you want to purchase insurance (term plan) of Rs 1 crore, the insurance company can request an ITR. Insurance companies rely on ITR to track your source of income and ensure regular income.
Profitable for the company:
ITR is also important to start any business. Also, if you want to get a contract from any department, you need to show the ITR. The tax return for the last five years is required to obtain the contract.
Credit cards are readily available once the RTI is filled. Tax returns give credit card-issuing banks an idea of their ability to borrow and repay customers.
सोपे Easy to get a visa:
If you want to go abroad for work or business, ITR is important for you. Most foreign embassies require a declaration of income from the past two years on a visa application. If you have an ITR, it is easier for you to get a visa than others.
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