Why you should file ITR even if your Income is not Taxable

Applying for a vehicle/home loan or other financial instruments

Tax returns of previous years are a mandatory requirement whenever you apply for a vehicle/home loan, as they act as proof of your source of income. Tax returns also can be a requirement when applying for certain credit cards/insurance policies and more.

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Claiming refunds

Tax deduction at source is common now for many services, especially if you are a freelancer, work on a contract, get interest income from a bank, etc. But many times, you may not fall under the taxable bracket. The only way you can claim a refund is by filing a tax return.

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Applying for a visa

If you are planning to go abroad, or even if you’re not, uncertainty is a part of life. You might need to travel abroad for a reason or another, and at that time, you may need to provide previous returns to get a visa. So, even if your income is below the taxable limit, you should consider filing an Income Tax Return because who knows what might happen next.

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Meets the requirement as proof of income

Salaried individuals receive salary slips that serve as income proof for various applications. However, freelancers and self-employed individuals often don’t have such specific documents. Filing income tax returns provides them with a recognized proof of income, which can be used for multiple purposes.

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Claiming losses

Many individuals are investing in different kinds of assets, like stocks, bitcoins, real estate, etc. There are situations when you have to sell an asset at a loss. Did you know that certain types of losses can be carried forward for 8 years? This is possible only when the tax return is filed.

Are you also looking to avail of these benefits but struggling to file tax returns on your own? Tax2win solves all these problems by filing your tax return accurately without any hassle and helps you to get the maximum tax refund possible. Hire our eCAs to file your ITR today!

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