Benefits of ITR Filing: People who do jobs but their income is not so much that they need to pay tax, that is, those who do not fall in the tax slab, such people should also file income tax returns. Such people should file zero returns. It is also called Nil ITR. A nil ITR is filed to inform the Income Tax Department that your income is not taxable and hence you have not paid tax during that financial year.
Although filing a zero return is not mandatory, if you file it, then there are many benefits in the future because an Income Tax Return (ITR) is a solid proof of income for any person. If you have not filed an ITR till now, then understand its benefits well and file an ITR before 31st July. Know about it here.
The loan will be easily available.
The biggest advantage of filing a Nil ITR is that you get a loan easily. In today's time, every person needs a loan for land, business, house vehicle, etc. Meanwhile, the financial institution giving a loan asks you for proof of income. If you have a job, then you can give proof by giving a salary slip, but if you are not employed or are a housewife and want to take a loan to start some work, then your loan will be easily approved. In such a situation, you will have to submit a copy of the income tax return for the last 3 years to the bank. This will work as solid proof of your income.
Ease in getting a visa
America and some developed Western countries ask for a copy of income tax returns in the process of issuing a visa. Through ITR, it is checked what is the financial status of the person who is coming to their country or wants to come. That is, it is necessary to file an ITR for a visa. For those who do not earn themselves, a copy of the ITR of their parents or guardians can be given.
For insurance policies of large amounts
When you buy any insurance policy of Rs 50 lakh or Rs 1 crore or more, you need to show the ITR receipt for it. In LIC, especially if you buy a term policy of Rs 50 lakh or more, you will be asked for ITR documents. This decides whether you are eligible to get insurance for such a large amount or not.
Helpful in starting a business
If you are starting a business in which you want to get a contract from a government department, then you need to file an ITR. ITR of the last 5 years is also necessary to get a contract in a government department.
Your return is also an address proof.
Nowadays it is the era of filing income tax returns online. But if you fill it manually, then the receipt of the income tax return is sent to the registered address. Due to this, it is also accepted as an address. ITR becomes the address proof along with the income.
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