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4 Unbelievable Benefits of Filing ITR

Updated on: 10 Aug, 2023 11:47 AM

Due Date Extended !!
Due date for Income Tax Return filing has been extended from 31st July 2019 to 31st August 2019 by the Income Tax Department

Are you unsure about filing income tax return? Well, we've got a magic, trick up our sleeve which will make you want to file ITR. Just keep on reading! If your income exceeds basic exemption limit (?2,50,000/ ?3,00,000/ ?5,00,000) then filing ITR is compulsory for you. Even when income is within the limit, filing ITR can be beneficial for you. It can help you with processing of bank loans, visa applications and much more. We are sharing top 4 benefits of filing income tax return with you.

Easy Bank Loans

Filing ITR on time creates a good image of you in front of Income Tax Department. You are seen as a responsible citizen. All the departments throughout our country, whether public or private, accept ITR as income proof. In case, you need a loan for your business or building a new house etc in future .All banks require your previous years ITR before they grant loans. It helps to establish your financial credibility in their eyes. If you don't file your ITR or do not follow due dates then processing of bank loans can become troublesome for you.

Mandatory For Visa To Travel Abroad

If you are planning to go abroad for a vacation or business work, you should know this. When you apply for visa, your past 3 years of ITRs can be demanded by the embassies. It helps the country you are visiting to establish your financial status before granting you a visa.

A Must To Claim Refund Of Income Tax

When we pay income tax, many times it happens that we become eligible for refund. It happens because our total tax liability is less than amount of TDS and advance tax paid (if any).However, the income tax department will not give your money back if you don't file your income tax return. Feels bad right? Not only that, you may also lose the chance of earning interest income on refund (applicable if IT department not pays the refund within 45 days from the date of e-verification of your return). Apart from this, your ITR can also be taken up for scrutiny which can be a very long & painful process.

ITR Required for selling your Product to Government

If you are producing a commodity which is readily purchased by government, then you need to provide your ITR. The best example can be electricity produced using solar power. Government these days buy excess of electricity produced by solar farms at predetermined rates. But before you can sell, they ask for your past 2 to 3 years of income tax return. See how ITR helps you in business development as well.

We strongly advise you to always file your income tax return before the due date. Whether you cross basic exemption limit of ? 2,50,000 or not. Otherwise you will lose on all the benefits we stated above and much more. File your ITR Today! Happy Filing ????

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.