Income Tax Return: If you have not filed ITR yet, file it immediately. The process of filing income tax returns for the financial year 2021-22 and assessment year 2022-23 has started on 15 June 2022 and its last date is 31 July. That is, now only a few days are left for this. Filing of ITR. If you haven’t submitted your income tax return yet in this circumstance, do so right away. If you do not file your return by July 31, you can be jailed along with a fine.
The last date for filing income tax is near
Income tax is not due by anyone under the age of 60 who makes more than Rs 2.5 lakh a year. Any person whose total income exceeds the tax exemption limit has to file an income tax return.
Everyone knows that the tax exemption limit for senior citizens above 60 years and below 80 years is Rs 3 lakh, while for very senior citizens. The upper age limit is Rs. 5 lakh. Even if your salary is less than the income tax limit, you should file an income tax return as it has many benefits.
Benefits of filing ITR
1. Loan eligibility is fixed
If you apply for a loan, the bank will determine your eligibility based on your income. So, filling out your ITR will be helpful in this situation as well. Actually, how much loan the bank will give you depends on how much income you have filed in the income tax return. Actually, ITR is one such document that is used by all banks for the easy processing of loans.
Generally, banks demand 3 ITRs from their customers during loan processing. So, if you want to buy a home by taking a home loan, or take a car loan or take a personal loan, ITR must be filed as it makes getting a loan easier.
2. Required for Tax Refund
You can avoid paying tax on interest from savings plans like term deposits if you file an ITR. On dividend income, taxes can also be avoided. You can claim tax through an ITR refund, if the total income from multiple sources of income exceeds Rs 2.5 lakh, then you can claim the TDS deducted again.
3. Valid documents for address, income proof
Proper address proof is an Income Tax Assessment Order. It can also be used to generate an Aadhar card. The corporation provides Form-16 to the employees. Which is their income proof. Even for self-employed or freelancers, the ITR filing document serves as valid income proof.
4. Can claim damages
To claim any loss, a taxpayer must submit an income tax return by a certain deadline. This loss may take the shape of a decrease in the business, profession, or capital gains. According to income tax regulations, a loss can be carried forward and used for capital gains if an ITR is filed in the applicable assessment year.
Read More: 4 ideal tax-saving investments for senior citizens in 2022.
5. Documents also required for visa processing
Most countries demand ITR if you are going somewhere abroad. This demonstrates that the individual is a law-abiding citizen. This gives the visa processing officers a clear idea of ​​your current financial status and income. You can obtain a visa more easily as a result.
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